Seattle Tech Boom Creates Next-Generation, Culture-Focused Campuses

[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 …

Sound Market Fundamentals: The Source of Seattle’s Multifamily Strength

[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 …

The Sustainability of the Seattle Apartment Building Boom

[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 …

Seattle’s CBD Gains in Popularity With Office Users

[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 …

CBRE Global Investors Fund Buys Metropolitan Park East, West in Seattle

SEATTLE — A fund sponsored by CBRE Global Investors has acquired Metropolitan Park East and West in Seattle for a reported $273 million. The Class A office portfolio contains a total of 708,283 square feet in two buildings.The 370,849-square-foot, 20-story Metropolitan Park East is located at 1730 Minor Ave. The 337,434-square-foot, 18-story Metropolitan Park West is located at 1100 Olive Way.The property is situated at the convergence of the South Lake Union, Central Business …

Expedia to Purchase Amgen Campus in Seattle for New Headquarters

SEATTLE — Expedia (NASDAQ: EXPE) has announced its plan to purchase Amgen's waterfront campus in Seattle for $228.9 million. The online travel company will use the 40-acre campus for its new headquarters.Expedia plans to update the 750,000-square-foot space with a new modern design. The acquisition includes additional land that could be used for future expansion. The campus is located at 1201 Amgen Court W.The new headquarters features views of downtown Seattle, Mt. Rainier, the …

Presbyterian Retirement Communities Northwest Welcomes New Team Members

SEATTLE – Presbyterian Retirement Communities Northwest (PRCN) has added two new members to its team. Paul Aigner will serve as vice president of development and Eve Jakoboski will act as corporate human resources director. Aigner has more than 30 years of experience in real estate design, construction and development within seniors living and healthcare industries. Jakoboski has 19 years of human resources and executive management experience. She spent the majority of that time in the …

Iron Gate Mill Plain Self-Storage Facility in Vancouver Receives $4M

VANCOUVER, WASH. – The 520-unit Iron Gate Mill Plain Self-Storage facility in Vancouver has received $4 million in long-term financing. The facility is located at 12406 SE 5th Street. It was built in 2010. The loan features a 10-year term and a 25-year amortization schedule. It was arranged by Peter C. Norrie of Cohen Financial. The funds were provided by a correspondent life insurance

Apartments Still in Demand in Seattle’s Core

[caption id="attachment_121206" align="alignright" width="150"] Joel Deis, Marcus & Millichap in Seattle [/caption]The Seattle-Tacoma metro area is one of the top-performing multifamily commercial real estate markets in the nation. Locally, employers are adding jobs at one of the fastest paces in the country, supporting a strong rental market in the region.In Tacoma, State Farm and other companies have energized the area’s economy and strengthened its apartment operations. In …

Retailers Continue Pacific Northwest Expansion Plans

[caption id="attachment_120785" align="alignright" width="150"] Michael Horner, JLL Retail [/caption]Seattle has come a long way since the 1971 billboard reading “will the last person leaving Seattle turn the lights off?” The greater Seattle economy and real estate market has continued to be one of the nation’s top- performing locales, even exceeding its prior 2007 peak. Large corporations such as Amazon, Boeing, Microsoft and Starbucks, along with many independent startup companies, …

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