We’ve all heard the joke about Seattle seasons, there is: almost winter, winter, still raining (spring) and construction (summer), and for good reason! If you’ve taken a look or even a walk around downtown Seattle, you can’t miss the infestation of cranes and construction sites – there is one on just about every block.
In June, the Downtown Seattle Association (DSA) released the 2015 Mid-Year Development Guide, which is an online resource examining development activity in Downtown Seattle. The development guide is published bi-annually, the Seattle one being published in February which reports for the prior year, and one is published in June which is a mid-year summary.
The June 2015 Mid-Year Development Guide Reported (via Downtown Seattle):
-Downtown Seattle has 106 projects currently under construction, about to begin construction, or have been completed since January 2014. This is more projects than 2005 when tracking development began.
– Currently residential projects outnumber commercial projects, however those are making a huge climb in numbers, four times as much.
– There are three times as much apartment units and almost twice as many total residential units under construction in comparison to Seattle’s last development cycle in 2007.
– The average cost of each project is at the highest it’s been in the past decade with currently $4 billion in 48 projects.
That high cost of each project is a reflection of the projects themselves. Seattle is seeing very sizable projects such as, The Mark, which will be the fifth largest building in Seattle standing at 660-foot tower, the Insignia Tower is the largest condominium development, and Amazon’s two new developments: the Troy Block of which is 800,000 sf along with an additional four block development which will offer the company another four million square feet.
Obviously, there is a domino effect happening here – the fact that Seattle’s job market is cooking, developers have identified companies like Amazon, Facebook, Expedia and others need office space and their employees need living quarters. If you build it, they will come.