Despite HQ2 Plans, Amazon Continues to Grow in Seattle

Upon the announcement that Amazon was on the hunt for a second headquarter location, many wondered what impact a new city would have on the company’s presence in Seattle. And as recent activity from the retail giant has shown, it is definitely not slowing things down. According to reports, Amazon “has increased its forecast for the size of its campus in Seattle by about 2 million square feet, the equivalent of three additional skyscrapers,” which means the company will occupy nearly 14 million square feet of office space once current and planed projects are complete.

Local Economy, TechnologyAaron FreemanMarch 27, 2018Seattle Times, Technology, Amazon, HQ2, SeattleComment

Seattle Office Rents Are Fastest Rising in the Nation

As Mike Rosenberg of Seattle Times reports, “it’s not just housing prices: Seattle is not the bargain it used to be for companies, either.” Though the Emerald City was historically a bargain compared to other larger cities, “the city’s recent boom driven by Amazon and other tech companies has propelled Seattle up the ranks of the nation’s most expensive places to rent an office, passing Chicago and Los Angeles just in the last three years.” During the three year period, Seattle office rents increased a staggering 31 percent, “about 2 ½ times faster than the national average.”

Mortgage Rates Increase to 4.40%

Amidst a strong economy and housing market, long-term mortgage rates in the United States inched upward this week, and as Seattle Times reports, the increase in the cost of borrowing comes “just as more of the millennial generation is entering the real estate market.” According to a release from Freddie Mac earlier this week, “the average rate on 30-year fixed-rate mortgages rose to 4.40 percent, a slight gain from 4.38 percent last week.”

Local EconomyAaron FreemanFebruary 22, 2018Seattle Times, Mortgage Rates, MortgageComment

Seattle’s New Era of Condos

A recent feature by Realogics Sotheby’s International Realty proclaims its “Seattle’s New Era of Condos,” as a new development spur is adding more new condominium projects to the city than in the last decade, the population continues to grow, residents and visitors are fueling new in-city attractions, and millennials decide to make the move from renting to homeownership. In addition to its position with the February edition of Portrait of Seattle Magazine, the condo insert was hand delivered to 1,500 broker mailboxes throughout the region, and was included in select copies of Puget Sound Business Journal, Wall Street Journal, Madison Park Times, Capitol Hill Times, Queen Anne & Magnolia Times, Magnolia News, City Living Seattle, The Monroe Monitor, Valley News, Eatonville Dispatch and Marketplace.

Will Seattle Keep Up Its Hot Streak?

As Seattle continues to experience unprecedented economic and population growth, the question on many minds is can the city maintain its hot streak? According to Forbes, it can and will, as they report they're "betting on Seattle to maintain growth for the foreseeable future." The reasons include investment and development, high demand, a strong economy, and more.

Local EconomyAaron FreemanJanuary 23, 2018Forbes, Seattle, Market TrendsComment

Seattle Passes Bill to Regulate Short-Term Rentals

Local EconomyAaron FreemanDecember 18, 2017Short Term Rental, Airbnb, GeekWire, Seattle, PolicyComment

Seattle Home Values Have Increased Nearly $50,000 Since Last Year

Local EconomyAaron FreemanNovember 27, 2017Comment

Seattle Continues Its Streak with Hottest Housing Market for 11 Straight Months

S&P Case-Shiller released their latest home price index last week, which showcases sustained growth for the Seattle market, with the Emerald City leading the nation for the hottest housing market for 11 consecutive months. As Mike Rosenberg of Seattle Times reports, “the Seattle metro area saw single-family home prices surge 13.5 percent during the 12 months ended in July,” according to Case-Shiller.

Seattle Sees Foreign Buyer Surge from Vancouver

The July announcement of British Columbia's 15 percent transfer tax on foreign buyers and entities representing them sent ripples through the Pacific Northwest's real estate market. Those ripples seem to be shifting the waves in Seattle's favor, however. In the following months many articles and blogs were released stating that Seattle has become the new Vancouver. The shift began immediately and Vancouver saw a year-over-year reduction in selling volume in the year 2016; and by year's end, the number of sales over $1 million CAD were 16 percent lower than 2015.

You Can’t Fool The Market

Local EconomyAaron FreemanSeptember 22, 2017Comment

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