Seattle named one of the Best Real Estate Markets in the US

Posted on 2 December, 2014 by Jodee Redmond

Now that most analysts have declared the real estate downturn is finished, Seattle has emerged as one of the bright spots among US cities.

Skyscrapers and Space Needle in Seattle Washington

The Emerald City is home to several large companies – including Amazon, Boeing, Starbucks and Microsoft – who have done well in spite of the economic challenges facing the country. As a result, the city has created 170,000 jobs in the past five years.

When it comes to adding jobs, Seattle holds the No. 8 position, having added 2.6 per cent more jobs since the start of 2014.

According to a study released by the W.P. Carey School of Business at Arizona State University, it is tied with San Francisco for job growth percentage in the first nine months of this year.

Commercial Development Increasing

Commercial real estate development has been increasing over the last several quarters.

The Spring District development, which was started just over a year ago, is one of the largest construction projects on the West Coast.

A 54-story tower in the downtown core which is about to break ground will be a major landmark on completion.

Wright Runstad & Co. is the developer for both the Spring District and the Rainier Square tower projects.

The Spring District is located on 36 acres of east of downtown Bellevue. When it is completed, the $2.3 billion mixed use development will include shops, offices, hotel buildings, residential space, parks and a light-rail stop.

The Rainier Square project will be situated at Fourth Avenue and Union Street. The 54-storey building will provide 750,000 sq ft of office space, 30,000 sq ft of retail space and room for approximately 220 apartments.

In early October, Facebook announced that it was looking for at least 100,000 square feet of office space. The company is considering converting the historic Macy’s building located at Fourth & Pine in downtown Seattle for its new offices.

Office Vacancy Rates Falling

Office vacancy rates in Seattle are currently heading downwards. Figures in the third quarter are sitting at around the 13.7 per cent mark.

Office vacancies have decreased compared to the same period last year and the previous quarter.

The average lease rate in Seattle is about $30.50, with the highest asking direct lease rate in a submarket at the end of the third quarter coming in at $40.50.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

Aldi’s Expansion Plan

British Steel on the verge of collapse with over 20,000 jobs at risk

Paris watches as flames engulf one of France’s most famous landmarks

Debenhams on the brink of administration as board reject Ashley’s bid

Emmanuel Macron pushes for a new Europe with European Parliament elections on the horizon

Brexit impacts property market

Brexit uncertainty impacts the property market


Creative Christmas window displays

Toronto downtown skyscrapers

Brief history of skyscrapers

Savvy promotions attract early Christmas sales for retailers

Are savvy promotions attracting Christmas sales for retail stores?

Greenfield developments

Greenfield developments: The facts

facts about converting chapels churches

Things to consider when investing in church or chapel conversions

Lincoln Castle 1068

Exploring Lincoln Castle’s Georgian and Victorian Prison

the leopard inn Burslem

Facts about The Leopard Inn, Stoke-on-Trent

ancient high house Stafford

The majestic Ancient High House in Stafford

retro video game arcades

Retro video game arcades: The comeback

industrial style offices

How to achieve an industrial inspired office