Seattle Commercial Real Estate, with its over 200 years of professional experience in commercial real estate, keeps waiting for a change in our real estate economy. We sailed through the last dot com bust and now the “experts” are predicting another three to five years of prosperity, depending upon the sector of our industry. Wages in Washington have grown to an average of $65,301 a year which is an increase of 5.5%, the highest increase since the year 2006. Retail accounted for a growth of 16.9%, information 13.1% and sciences and technology by 9.7%. The total of earnings in our state is over $15.8 Billion.
Seattle Commercial Real Estate cannot “compete” in all sectors of this dynamic real estate economy. Our strength is the ability of our professionals to serve the needs of our clients efficiently by knowing where to go and who to go to for solutions. We believe that there is no such thing as a “problem”, only an issue in search of a solution. We want our clients to be aware of not only the dynamics of growth, but to act responsibly to be prepared to withstand the inevitability of the cyclical nature of commercial real estate. Let us assist you in this process.
On an international scale, Seattle is still one of the hottest investment markets in the world. We just tied Los Angeles for the number of construction cranes, dropping us from the lead spot in the US which we have held for the last 3-4 years. Office rents are continuing to climb, now in the range of the mid $50 per square foot and vacancies leave little alternative office space. We Work is a driving force in gobbling space to service the tech industries and “older” Class A office buildings have seen dramatic price increases based upon sales recently completed. The dip in multi-family rents seems to have stabilized and concessions are down to as little as one month of rent in new projects coming into the market. Industrial rents are rising and space, particularly small and/or incubator space is almost non-existent. All of these factors lead to an inevitable optimism, and yet…Seattle Commercial Real Estate has been there before and we expect, that we shall be there again.