As the recent Bisnow “Seattle Construction & Development Forecast” event outlined, the commercial real estate industry in Seattle is continuing its boom and the city is even looking at ways to lessen the length of time of the permitting and approval process by adding staff.
Nathan Torgelson, the director of Seattle’s Department of Construction & Inspections, said the department is actively in discussion to add planners, speeding up the process and allowing for the expedition of affordable housing projects. Torgelson also discussed the rise in Transit Oriented Development, a growing trend to build housing in walkable and/or transit-friendly locations. This will transform the face of communities situated along the Light Rail lines currently under construction. Torgelson pointed to Northgate as an example, which he says will change dramatically with the addition of 1,200 housing units and the Light Rail station scheduled to open in 2021.
It doesn’t appear that growth in the commercial real estate sector in Seattle will slow anytime soon, as strong economic fundamentals and job growth are contributing to increased need for housing and office space, with lucrative tech salaries providing premier housing opportunities for residents.