Patrick M. Lamb currently stands as President/CEO of Lamb Hanson Lamb Appraisal Associates, Inc. (LHL). This makes him the fourth consecutive generation of his family to operate a local appraisal firm, and the third consecutive generation of Appraisal Institute designated members. His father Michael B. Lamb, MAI/SRA and grandfather
Berkley A. Lamb, SRA both served as past presidents of the local chapter. In addition, Patrick’s brother Ian M. Lamb achieved his SRA.

Mr. Lamb is a Washington State General Certified appraiser and has been providing valuation services since 2001. He holds a bachelor’s degree from the University of Washington in Business Administration. He is involved in performing a full spectrum of commercial and residential appraisal services to clients located throughout Western Washington and the Greater Pacific Northwest.

In addition to providing strategic direction and service to clients, Patrick also performs
technical components of the firm’s valuation projects, conducts interviews, reviews appraiser’s work, composes appraisal reports and ensures compliance with latest guidelines. He manages and performs complex assignments involving multiple locations and/or financial interests. His education background and experience in valuation encompasses all major appraisal disciplines.

Mr. Lamb has held a position on the steering committee for the RMA (Risk Management
Association) Young Professional Group (YP) for the last six years. He has served as
communications chair, programs chair, golf tournament chair, vice chairman, and chairman. As chairman, he acted as the liaison with the main Puget Sound RMA Chapter board. Patrick has also served on the Rainier Rotary Board as membership chair, the Florentine HOA board, Tower 39 Board, and LHL’s corporate board. Other affiliations include Washington State CPA’s, WSBA Young Lawyer Division, Financial Planning Service Group, and the International Right of Way Association.

“Achieving my MAI designation has been a challenging and rewarding task. The process has guided my career development and inspired me to become better at my profession. I am grateful to all those who live the life of an appraiser. Especially those who encouraged myinvolvement in the Appraisal Institute and supported me through the process. These individuals demonstrate firsthand the value of this organization everyday.”

Apartment Market – Only 25 sales have occurred during the first three quarters of 2009 for apartments larger than 20 units. In fact, there were no sales occurring in the third quarter. Rental increases have slowed, but capitalization rates are rising and gross rent multipliers are going down. All of the sales that occurred are for apartments more than 15 years old. However, Snohomish County 2-4 showed a positive increase in price per unit. Both King and Pierce Counties had increases during third quarter, while Snohomish had no sales.

Retail Market – The retail market is showing signs of stress. Almost every subsection of the retail market in every area has negative absorption. Capitalization rates are increasing. Lease rates are continuing to decline.

Industrial Market – The flex market has remained a problem throughout the last few years with high vacancy rates and low lease rates. Vacancy rates have increased in all areas and lease rates have fallen. Of concern is the very large negative absorption rate for the Southend and Tacoma.

Office Market – This market is showing marked increases in vacancy rates due to the amount of new inventory coming into the market, particularly in the downtown Seattle area. Much of the space is not preleased. Consequently, lease rates are decreasing in most areas for all office classes. Capitalization rates are also increasing.

Recommendations – It is advised that any property type be approached with caution. Apartment market is guarded. As foreclosures increase, we would expect that people will need to turn to rentals. Thus, demand should increase. The retail market is showing signs of strain, with declines in lease rates. Office and industrial is not a good time to invest in unless it’s for owner user purposes. Then deals can be found for purchasers to avoid paying monthly rent.