The Emerald City has seen a record number of construction projects in recent years and activity does not seem to be slowing down, as Seattle Times reports that there are currently 66 major projects underway in the city — that’s up by 1 compared to six months ago.
Read MoreWeWork, 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.
Read MoreFor the first time in years, homes in the Seattle area are spending weeks—rather than just days—on the market, bidding wars become an exception to the rule, and sellers are bringing down sales prices to attract buyers in a cooling market. As Seattle Times reports, July 2018 was the first time in four years that the market began to lean in favor of the buyer, as inventory continues to increase, this time at a staggering 44-percent rate in King County.
Read MoreWith 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.”
Read MoreAccording to the most recent data from Northwest Multiple Listing Service, Seattle-area home prices have now reached $820,000, and as Seattle Times reports, the highest gains can be found in South Seattle, a traditionally more affordable part of the city. Looking at South Seattle’s neighborhoods, the Southwest region (including SODO and Beacon Hill) had a median home price of $222,000 in 2012, a figure that in 2018 has reached $661,000. In the Southeast area, the $275,000 median of 2012 has increased to $650,000.
Read MoreA recent CNBC article asks its readers, if they are wondering how Amazon will impact the city it chooses for its second headquarters, then “just take a look at its presence in the Seattle metropolitan area.” The Emerald City no doubt continues to feel the impact of tech companies within its thriving Silicon Forest, most notably with Amazon, whose footprint is now at nearly 14 million square feet, enough to fill five Empire State Buildings.
Read More
