Seattle's Urban Core Continues to Grow
The last few years have proven fortuitous for Seattle, as the city has undergone sustained growth with new development projects. The Downtown Seattle Association recently reported that there are a total of 66 major projects currently under construction, a figure that is expected to stay relatively stable in the near future. From South Lake Union to SoDo, it isn’t hard to see that the city is expanding. Cranes are in view in nearly every direction you turn and it is hard not to wonder what is being built. The answer? Mostly, apartments.
Thanks to local tech titans who are expanding their campuses and hiring thousands of workers, the local population is on the rise. Consequently, housing demand is also high. A recent Seattle Times article noted that right now, over two-thirds of current construction projects in the city are devoted to housing, most of which are slated to be apartments. In response to market conditions, however, some developers have elected to step into the world of condominiums, switching from apartment projects to condo buildings mid-build. This rang true for SPIRE, a building nestled near Seattle Center, as Laconia Development announced last year that they’d convert the building to condos. With a total of 1,000 condominium units currently under construction and another 2,300 in the pipeline, we shouldn’t expect to see a slowdown in construction anytime soon.
The Downtown Seattle Association sees current projects as an investment in the city with developers showing signs of confidence in our economy. Their latest Development Guide shows that 2018 was a record breaking year in terms of investment, with $4.8 billion in projects. A record number of employment opportunities, residents and children downtown prove that the city will continue to need more housing and recreational projects, which has led for the city to invest in more parks and public spaces, further improving the quality of life available in the wonderful place we call home.