WeWork Adds to Seattle Presence with Two New Leases

WeWork, an international co-working space provider, is greatly adding to its Emerald City footprint, as a recent report by Colliers International reveals that WeWork signed the two largest leases in Seattle in the second quarter of 2018, securing 120,000 square feet of office space at Metropolitan Park East, and an additional 115,000 at 1201 3rd Avenue. Seattle ranked tenth on the list of the nation’s top office markets, but its performance is quite stellar given the strength of WeWork and e-commerce giant Amazon.

Seattle's Condo Drought Continues

With construction cranes at nearly every turn in downtown Seattle, it is easy for one to look around at all of the high-rises under development and assume they are condominiums. Yet, as Curbed Seattle reports, “the majority of new residential projects going up in the city—and downtown specifically—are destined to be rentals.” This means that out of the multi-family opportunities in the city, only 7.1 percent will be offered for sale. And this is a far-reaching figure, that covers “not just downtown proper, but lower Queen Anne, Belltown, Pioneer Square, Sodo, First Hill and western parts of Capitol Hill.”

Seattle Waterfront Project Update

Over the next few years, the city of Seattle will transform its waterfront in an exciting project that will see updates extending from Pioneer Square through to Belltown’s Battery Street. As Waterfront Seattle describes, the changes will capitalize “on the opportunity created by the removal of the Alaskan Way Viaduct and the replacement of the Elliott Bay Seawall” and will include the new Elliott Bay Seawall (currently under construction), better connections between city neighborhoods, infrastructure updates, and twenty acres of public space.

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Aaron Freeman