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How Hot is Seattle? Construction Boom Surges to New Record
Seattle is sizzling and the numbers just released by the Downtown Seattle Association show exactly how high the CRE market has soared. Currently, there’s $5 billion in construction activity underway, a 40% increase from last year, and more than three times the market’s lowest level in 2011. That’s the most activity since the group began tracking construction in 2005.
Seventy-four projects were under construction as of June 2017, a 14% increase compared to the 65 projects in progress a year ago. Downtown represents 5% of building permits issued in the city in the past 12 months, yet it accounts for half of Seattle’s construction value.
Key report findings:
- The pace of office development has nearly tripled over the past decade
- Two thirds of the projects being developed are residential, primarily apartments
- Record hotel development includes the largest property in the region, a 1,264-room Hyatt Regency in the burgeoning Denny Regrade area, slated for delivery in 2018
- Half of the projects under way now are scheduled to deliver in 2017
- Roughly 150 projects are still in the pipeline, with one-third ready to break ground
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
