HFO Multifamily Marketwatch for Oregon and SW Washington

In this episode, we're diving into an unglamorous but absolutely critical topic: plumbing systems in aging apartment stock—and how to know when you're just fixing leaks versus when it's time to fully repipe.

Our expert voice today is Matt Dorn, Senior Project Manager with Caliber Mechanical. Matt's been in the trade for about thirty years, starting as an 18-year-old apprentice and working his way up through foreman, business owner, estimator, and now division head at Caliber. His team specializes in commercial work, including a lot of new multifamily and multifamily repipes and rehabs, from simple fixture upgrades to full in-wall replacements.

Today we're talking about a topic that's getting a lot of buzz in development circles: mass timber: what it is, why capital cares, and what it could mean for your multifamily portfolio. Our guide and source today is Noel Johnson from the Bates Center for Entrepreneurship & Leadership at Lewis & Clark College. Noel has spent more than twenty years in development, starting his career at Trammell Crow Residential and later becoming one of the region's leading voices on mass timber and behavioral finance.

In today's episode, we're turning our attention to Washington State. From new rent control laws to mixed market signals across Seattle, Spokane, and beyond. Then we'll take a quick scan of the national apartment landscape: vacancy spikes, rate pressure, and why some buyers are biding their time.

In this episode, we're looking at a shifting landscape. Rents are cooling and vacancies are rising. Portland city hall just discovered it had $21 million it forgot to spend.

Angela Wilhelms, President and CEO of Oregon Business and Industry (OBI), discussed the organization's role in advocating for businesses at the state level. OBI recently released a report ranking Oregon as the nation's seventh most regulated state, with 179,000 regulations, many of which are excessive and burdensome. Wilhelm highlighted that 74% of small businesses struggle to keep up with changing regulations. She emphasized the need for legislative and executive oversight to streamline regulations and improve business competitiveness. Wilhelm also noted the impact of regulatory complexity on economic growth and called for a shift towards more practical and accountable rule-making.

In this episode, EcoNorthwest's Emily Picha reveals how the recent report, "All In on Central City," outlines over 100 projects and public-private strategies that are reigniting investment and livability in downtown Portland.

Economist Joe Cortright of City Observatory joins us to unpack the U.S. economy's slowing growth, Oregon's dependence on migration and trade, and the risks posed by costly infrastructure projects and volatile tax revenues.

Amy Vander Vliet, regional economist for the Oregon Employment Division, discussed Portland's economic status. The metro area's economy has experienced four phases: pandemic loss, recovery, stagnation, and some recent decline. Construction and manufacturing sectors have been the hardest hit. National trends, federal job losses, and migration policies influence the economy. Future challenges include uncertainty, tariffs, and immigration policies, which could impact employment and economic growth.

For today's episode, we will be discussing the Fall 2025 Multifamily NW Apartment Report. I will be summarizing the highlights from this year's report: where we've been, where we're heading, and what the numbers suggest about the state of multifamily housing across Oregon and Southwest Washington.

Today's episode takes a closer look at the ripple effects of the ongoing federal government shutdown here in Washington State—and specifically, how missed paychecks and halted programs are impacting renters and landlords in our region.