From the hottest commercial submarkets, such as Downtown Seattle’s South Lake Union neighborhood, to far-flung suburbs like Lynnwood, the Puget Sound multifamily market has been firing on all cylinders lately. [caption id="attachment_181873" align="alignright" width="100"] David Young, JLL Capital Markets[/caption] [caption id="attachment_181872" align="alignright" width="100"] Corey Marx, JLL Capital Markets[/caption] A major reason for this is the huge growth in tech employment..
SEATTLE — Takenaka Corp. has purchased Tilt49, a 290,573-square-foot office building in Seattle, for $268.5 million. The Class A building is located at 1812 Boren Ave. in the Denny Triangle area of the city. Tilt49 is triple-net leased to Amazon through 2033. The newly constructed project includes 1,646 square feet of retail leased to Mighty-O Donuts. NKF represented the seller, a joint venture between Principal Real Estate Investors and Touchstone. The firm’s Kevin Shannon, Ken..
The Puget Sound region is one of the fastest growing areas in the U.S. We are seeing that reflected in the retail landscape, with innovation and expansion throughout the area. We are at the forefront of retail evolution, thanks to having some of the best-known retail innovators in our back yard who have turned the world of retail upside down by giving every consumer access to virtually every product available via home delivery. And yet, they are also innovating into brick and mortar..
Seattle is on the rise, and companies are thriving in the downtown core and surrounding submarkets. Seattle’s office market is one of the healthiest in the country. Leasing continues to be led by a robust technology sector that’s fueled by both the expansion of homegrown companies and the addition of engineering offices from mostly California-based companies. These companies have established significant footprints in Seattle as they have been able to attract, hire and retain workers from a..
The Puget Sound region may be home to the growing online retail giant of Amazon, but bricks and mortar retail development is in the best shape it’s been in since the beginning of the Great Recession. After five consecutive years of strong employment growth and resultant in-migration of highly paid tech workers, the Seattle market is continuing to enjoy gains in retail sales volumes, which are projected to grow 4.5 percent in 2016. [caption id="attachment_184047" align="alignright"..
BELLEVUE, WASH. — Carey Watermark Investors 2 has acquired the 384-room Seattle Marriott Bellevue for an undisclosed sum. The 17-story hotel is located at 200 110th Ave. NE. The property opened in July 2015. It includes 21,000 square feet of meeting and event space, a food and beverage outlet, lounge, fitness center and business center. "The opportunity to acquire a recently developed, high-quality urban asset in the Pacific Northwest is a unique opportunity to expand our portfolio into..
[caption id="attachment_144577" align="alignright" width="150"] Kip Spencer, SECO Development[/caption] Developers are doing everything they can to make their projects attractive to corporations and their brokers as competition in Seattle continues to increase for high-growth tech tenants. And they’re doing it with good reason: Seattle was recently ranked the No. 1 city in the country for technology jobs. Seattle’s tech industry has grown by 12 percent over the past two years, according..
[caption id="attachment_143872" align="alignright" width="150"] Raymond Allen, Marcus & Millichap[/caption] The underlying forces bolstering the strength of the Seattle metro multifamily marketplace are robust job growth, new development projects and the short supply of single-family houses. While these factors also slightly impact vacancy levels, property prices and sales activity are expected to continue to rise. New and expanding companies, particularly in the tech sector, have..
[caption id="attachment_134559" align="alignright" width="150"] Allen N. Safer, Integra Realty Resources[/caption] With all the recent froth in the multifamily markets, knowledgeable observers are expressing concern regarding all of the cranes that are sprouting around Seattle. To assess the apartment market, we have compiled data recently published in the “March 2015 Apartment Development Report” by Dupre + Scott Apartment Advisors. The Seattle Metro area is in the midst of an..
[caption id="attachment_133722" align="alignright" width="150"] Matt Christian, Cushman & Wakefield | Commerce[/caption] The Seattle office market has been a shining example of strength and solidity. Compared to the U.S. job rate, which expanded by 2.4 percent over the past year to drop the unemployment rate to just 5.5 percent, the Seattle-Tacoma-Bellevue Metropolitan Statistical Area is looking good. Seattle added jobs at a rate of 3.1 percent in the first quarter of 2015. It also saw..