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Seattle Commercial Real Estate

Too Much Multifamily! Also, Not Enough.

Bisnow conducted an super scientific poll of every person we know named Greg. The results surprised us:We asked Wright Runstad & Co president Greg Johnson what Seattle needs more of. He said: "We need more multifamily..."We asked Transwestern EVP Greg Laycock if he has any worries. He said: We may have too many multifamily projects in the CBD.

Well, which one is it? The good news is both men will be panelists atBisnow's Second Annual State of the Seattle Market on Oct. 30 at the W Hotel. Sign up today to get the answer first hand. And read on for a few more details in our Battle of the Gregs.

Seattle has seen plenty of job growth recently, though Greg Johnson notes that the presence of one particular company might be making it seem stronger than it otherwise might be. "Job growth and net absorption are very concentrated in Amazon," Greg tells us. "Demand for high tech and creative space is strong but traditional office, while still strong, trails a bit. I'm not sure we're quite there yet for spec office development in Seattle… particularly now that Amazon can take care of itself."
So what does Seattle need more of? "We need more multifamily, particularly on the Eastside when you look at its supply and demand picture," Greg says. Wright Runstad's two big projects right now are the 36-acre Spring District in the Bel-Red Corridor (close to 1,000 multifamily units are planned), and the big Husky Stadium restoration, which contains no multifamily but is still home to 70,000 screaming Husky fans on certain autumn Saturdays.
Transwestern moved into the Seattle market this summer and tapped former Grubb & Ellis SVP Greg Laycock to be its EVP and managing director. Greg's recipe for a healthy market: "Positive job growth and absorption, low vacancy rates, and new development pipeline." (We'd like to think that Seattle is a healthy, growing market because it eats its veggies and brushes its teeth twice a day.) Greg says if he has a worry, it's that there are too many multifamily projects in the CBD, particularly around South Lake Union. In order to be successful in the future, housing should address the needs of the Baby Boom and Gen-Y crowds, he says.

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