Does Seattle's Boom Still Have Legs?
Behind every real estate boom is concern of an impending bust—but Seattle still has a long, exciting future ahead, market experts say. (No need to buy all those flashlight batteries and dehydrated food packs.) That's why we're excited to be holding our fourth annual Seattle State of the Market event on Sept. 17 at 1201 3rd Ave to hear just why.
Wright Runstad president Greg Johnson, who'll be speaking at the event, says he still sees evidence that the region’s market fundamentals are getting even stronger. There's more hiring, with nearly 46,000 new jobs this year. More companies are expanding their footprints, such as the ever-growng Amazon, which took a half mil SF in four buildings north of Downtown this summer. And more businesses are coming to town, such as California-based Oculus VR's recent acquisition of the locally based Carbon Design Group, which it plans to grow. Then there's the seemingly endless stream of young talent finding its way to Seattle, one of the coolest places to live in the country. Commercial real estate isn’t the only beneficiary, Greg adds: The energy is also finding its way into tourism and the arts. “Even the Mariners are in contention."
Holland Development president Tom Parsons, another speaker, says deliveries are exceeding projections and absorption eclipsing demand. Even though he expects multifamily rent growth to slow for a period of time—especially as nearly 11,000 new units come online here this year (the most since 2000)—it will only be a short-term imbalance. In the long run, Tom says demand is still rising, especially in submarkets like Downtown and South Lake Union. Holland is the in home stretch of its big bet on Seattle apartments: the towering 368-unit 815 Pine, where interior finishes are underway, will have first occupancy later this year. The company also completed its 286-unit True North in South Lake Union earlier this year. Hear more from Greg, Tom, and other top market experts at our event. Don't miss out; sign up today!