Record $5 Billion in Downtown Construction Currently Underway
The Seattle skyline will continue to be filled with cranes for a bit longer. Recently published in GeekWire, “A new report from the Downtown Seattle Association says the city is in the midst of a record $5 billion in current construction activity downtown.” The builders are rushing to meet demands of new residents (more than 1,000 a week) and businesses moving into the city. According to the 2017 Mid-Year Development Guide, residential work represents two-thirds of all projects underway and have 30,000 units under construction or in development.
This time last year, the city of Seattle had 43 residential and 65 total buildings under construction. As of July 20, 2017 (when this GeekWire article was published) Seattle had 49 residential and 74 total buildings under construction. “The $5 billion figure is a 40 percent increase over 2016 construction activity and more than triple the lowest point in 2011,” the Downtown Seattle Association reports.
While residential and commercial space is in high demand, the need need for hotel space also becomes a priority. "A total of 919 hotel rooms are scheduled for completion in 2017. The largest hotel in the region... will be completed in the Denny Regrade area in 2018" states Geekwire. Get used to those cranes, Seattleites.