Quote:
Originally Posted by maccoinnich
Yeah, it definitely seems like leasing is going much more slowly at the two recently completed buildings. I'm in two minds about this. On the one hand I would be really happy if we were finally seeing enough units come onto the market to stabilize rents. On the other hand, I would really like to Oregon Square go ahead (ideally with a mix of for-rent and for-sale units).
I wonder if maybe the location in the Lloyd District is scaring away renters at this point. The neighborhood is still a while away from having the energy of the Pearl, the Central Eastside or even South Waterfront. I imagine the arrival of the retail tenants will make a big difference.
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I noticed yesterday that the opening of Cafe Yumm is imminent - not sure what its official opening day is...but it made me wonder about the complex's current leasing status. I found the following (based on info from their web-site):
Velomor: 15/177 ready for lease (92% occupied/8% vacant)
Elwood: 27/143 ready for lease (81% occupied/19% vacant)
Aster: 40/337 ready for lease (88% occupied/12% vacant)
So, ~ a year after they started move-in, the complex is getting close to capacity. Looking forward to phase 2!