Seattleâs retail, commercial and residential development booming
Throughout the past few years, real estate in Seattle has posted higher increases than much of the country, as well as a stable job market and lower unemployment rate. More retail space is being introduced to the economic development of the Emerald City, attracting even more people to the city. After Amazon.com bought a 1.8 million-square-foot headquarters in the South Lake Union neighborhood, other tech-based companies have been interested in making a similar move. In 2012, Seattle has showed strong office investment sales, according to the World Property Channel.
Right across the street from the new Amazon offices, Northeastern University has plans to open up a brand new campus to add to the neighborhood vibe. Located near the University of Washington, this construction will attract more students and young professionals to the neighborhood. Officials at the school told the Pittsburgh Post-Gazzette that the post-recession tech boom, which is centered in Seattle, is increasing the need for more tech-savvy and scientific workers.
“The market is moving up from the bottom but it is moving up in a very hesitant, gradual manner,” Robert Murray, vice president of economic affairs for a Massachusetts-based construction firm, told Bloomberg. “If the economy and employment show sustained growth, then certainly the stage will be set for increasing office construction next year and several years after that.”
The new technology businesses in Seattle will continue to attract more people to the city and further improve the real estate market in the area. According to the Post-Gazette, thousands more people are expected to move to the area. Additionally, there is talk of a public school going up in the area, and 20 condominium and apartments projects are underway in downtown Seattle, up from three in 2010.
A subsidiary of Bartell Drugs is also interested in purchasing real estate in the SoDo industrial area surrounding Seattle’s professional sports stadiums. The subsidiary, Henbart LLC, bought the Taylor Edwards Building at 1518 First Avenue and another neighboring building at 1526 First Avenue. The current spaces are retail and warehouse buildings, respectively, and the company plans to open up offices and a bar in the up-and-coming neighborhood. A recent announcement of a new stadium, which would house a basketball and hockey team for Seattle, is gaining interest among people looking to develop in the area.