The Seahawks have already guaranteed a spot as one of the NFL's top four teams. But turns out they're just copycats: Seattle multifamily is already there, according to CBRE.
“After a year of great multi-housing rent growth and new projects leasing up at unprecedented rates, the region kicks off 2014 with a lot of momentum,” CBRE Multi-Housing Properties Group EVP Jon Hallgrimson tells us. The market is poised for more development, too. CBRE data pegs Seattle as one of the four best markets in the country for multifamily development, along with Boston, Southeast Florida, and DC, since achievable rent levels are significantly higher than construction costs.
The hot multifamily market will stay that way. “Seattle’s economic engine is firing on all cylinders, with the tech sector now finding room on the stage for Boeing,” Jon says. The machinists' approval of Boeing’s counterproposal of a new 10-year contract will ensure that Seattle will be designing, engineering, and manufacturing the 777X. (Sorry to anyone hoping we'd switch to paper airplanes.)
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