Market Intelligence

We are pleased to present the Fall 2025 edition of the Seattle rennie landscape. We write to you from the midst of a government shutdown, its end still somewhere beyond view. Though we’ve been through closures before, this one arrives at a particularly sensitive moment. More than ever, policy feels central to the story in both housing markets and the broader economy. A thread running through this edition will be the appearance of cracks—small but widening. Across construction, employment, and equities, we see signs of strain, though not yet of fracture. Anticipating those pressures early is key to effectively navigating what comes next. We hope our commentary helps provide the clarity to do so.