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September 2017

Seattle's construction activity shatters records

Seventy-four projects were under construction in Seattle at mid-year, with residential buildings accounting for two-thirds of them, according to a new report from the Downtown Seattle Association. Of the 8,880 residential units being built, only 489 are condominium units.

Together, the homes, hotels and office buildings that are in various stages of construction are valued at a record-setting $5 billion. That represents a 40 percent increase over 2016.

The report covers Seattle and surrounding neighborhoods from South Lake Union to the north to South Lander Street, and from Elliott Bay to Broadway.

Included in the activity are 5 million square feet of office space, much of it fueled by Amazon, and 2,875 hotel rooms, a new record. That total includes 1,264 rooms at the Hyatt Regency in the Denny Triangle.

Of the 74 projects, 37 are expected to be finished this year. In its report, DSA noted the $5 billion of activity is triple the 2011 low point. Also noteworthy for current and future residents looking to buy is a new option once a recently announced tower in the Chinatown/International District gets underway.