The Hot List
|Yes, temperatures are dropping, but the Seattle market keeps heating up. Don't just take it from us—market optimism is also running high among the folks at JLL, which dubbed office leasing prospects "positive" in its Q3 report. Here's our own quarterly list of what's hot in Seattle:
|That's Hot:Apartment Refis
|JLL managing director David Young, along with JLL executive managing director Tom Fish and EVP Holly Minter secured a $103M loan for Fairfield Residential Apartments. The properties, The Reserve and The Sanctuary in Renton, total 880 units. David says the West Coast is the No. 1 draw for Gen Y apartment renters, and Seattle is top dog among West Coast destinations.
|We Don't Need to Tell You It's Hot:Building Apartments
|We have officially lost count of the number of projects breaking ground and topping out in the area. But the big number we heard last week from city planning director Marshall Foster was 22,000 new units, all somewhere between permitting and leasing. (Above, a recent shot of Pine Street Group's classy glassy Via6 towers, which will be providing 654 of those units.) The other biggie is three million, the number of commercial SF in the pipeline.
|Saving You Money Hot: Hotel-style Rental Units in New Multifamily Buildings
|Including a hotel style ?guest suite? in your new multifamily building. Because you want to keep your parents close, but maybe not too close when they come to visit, Holland is offering a guest suite with typically below-market average nightly rates its new, larger buildings, partner Tom Parsons tells us. (Hopefully the 'rents will still be up for making you French toast in the morning, though.)
S chool Pride
|Who cares if the Huskies are 3-4? CCIM prez-elect Gary Hunter of Westlake Associates showed up for a tour of SafeCo Field recently, looking like he got lost looking for the CenturyLink Field (where the Huskies are playing this season while Wright Runstad completes its massive refurb of Husky Stadium). 3-4 isn't that bad, anyway, when you compare it with how the Mariners did this season. But we digress—this is supposed to be a hot list.
|We wrote a while back that plaid pants were unfashionable, and here proving us wrong is the unflappable Jonathan Frizzell of CSSI, snapped with Sterling Savings Bank VP SBA business development officer Mike Esfeld. This particular pair of plaid pants has been a staple of his wardrobe since the early '70s, Jonathan tells us, and yes, they are fully lined. Alas, no matching blazer.
|Our own horn hates being tooted, but we're not going to listen to it. After all, it's a talking horn. We have 400 good reasons to get excited about our second annual State of the Market Oct. 30 at the W Hotel. With that number of people registered to hear our seven all-star panelists from Vulcan to Sabey Corp, it's shaping up to be our biggest and best event yet. There's still time to sign up here. We're expecting it'll be—you guessed it—hot.