Seattle Commercial Real Estate refuses to focus on only one or two areas of the regional economy. Tech and office use is easy to understand , but there is so much more happening. Our area is at the forefront of Cloud services. This has launched a whole new industry in terms of satellites, which is the logical marriage to our aerospace industry with its supporting supply chain. The satellite industry will grow to an $8 Billion industry by 2030.
We are way ahead of the creation of robotics in manufacturing. Medical research is soaring and even though Venture Capital has decreased, we are still a hub for investment. The wealth in Seattle is always looking for a new home and opportunity.
These elements cannot stand alone. While industrial activity has flattened and demand, particularly in small industrial is off, the elements are there for the long term. Affordability in housing is essential but that is a long way off. The key element for Seattle’s commercial real estate is the political decisions that remain to be made and become fully effective. Safety in our streets and order in our society are the cornerstones of progress. Addressing homelessness and our drug issues will truly be the foundation for long-term success.