All Signs Point to Continued Growth in Seattle

by / Wednesday, 06 February 2013 / Published in iCORE, Industry Spotlight

Standard_IndustrySpotlightThe real estate market is looking up in Seattle.  Over the past year, there’s been a surge in office rental rates, due largely in part to an increased presence of Amazon.

According to an article last month in the New York Times, Amazon was responsible for the city’s biggest deal last year.  The deal consisted of both the largest lease and the purchase of land downtown.  In total, Amazon currently owns or leases a whopping 2.7 million sq. ft. of space in Seattle.   And, all signs point to continued growth with plans to break ground on three new office towers this year.

Pushing up rental rates for office space across Seattle, Amazon’s influence speaks volumes to the impact that one company can have on real estate rates across a market.  Even more notable is the renewed confidence and focus from developers on this recovering market.