As stated recently in a Realogics Sotheby’s International Realty (RSIR) blog, “The main cause of Seattle’s urban evolution is, first and foremost, that people want to live here.” That fact is reflected in the constant stream of people moving into the city. Earlier this year, The Seattle Times reported that Seattle grew 18.7 percent in the last decade, gaining 114,000 people and ranking as the fastest growing city in the nation. That growth is expected to continue through the next several decades; and by 2035 the expected population of Seattle will gain another 120,000 residents (and another 115,000 jobs).
“The city has had a strong economy since the 1980’s, with the rise of Microsoft and its campus in what was then suburban Redmond, was a catalyst for both wealth generation and a spike in development on the Eastside,” states the RSIR blog. With the arrival of Amazon, which has nearly 10 million square feet of office space in downtown Seattle, the city is attracting well-educated millennials from across the globe who want to live as they work - in a very convenient, urban setting. For this reason, among others, Seattle has been the reigning “Crane Capitol” for three years in a row. According to the latest county from Rider Levett Bucknell (RLB), Seattle had 65 cranes in use, with 27 cranes working on mixed-use projects, 17 on residential buildings, and 11 on commercial towers; with the most popular areas in Capitol Hill, South Lake Union, and downtown.
RSIR has been on the forefront of downtown urban development for several years and is now playing a significant role in the current evolution of downtown Seattle and downtown Bellevue. For more information about the current and upcoming projects our brokerage is managing please don’t hesitate to contact us; because so long as the overall supply of housing is below the influx and creation of jobs the urbanization of Seattle will continue on it’s trajectory.