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Demand Poised to Re-Engage as Supply Activity Slows
Macroeconomic headwinds and tech industry woes sapped the metro’s historically robust apartment demand over the past few years. But Seattle multifamily remains well-positioned for recovery given its concentration of traditional and AI-native tech firms. Cumulative AI investment by Microsoft and Amazon, estimated at $342B in 2026, is a significant demand tailwind, coinciding with a construction pipeline well below pre-pandemic levels. Rents should recover, pulling property values and institutional investor interest along with them.