Photo: Aaron Brethorst/Flickr
It’s no secret that many people have decided Seattle is the place to be, and a new mid-year report from the Downtown Seattle Association drives that point home. It shows that the construction boom in the city is setting records left, right and center.
For starters, there are currently 65 buildings under construction in downtown Seattle, the highest mid-year count since the organization started tracking the information in 2005. The previous mid-year high was 50 buildings under construction in 2014, while 2015 was a close second at 49.
Residential buildings continue to dominate. Of the 65 buildings now being built, 43 are residential. What’s more, 708 residential units have already been completed this year, with 8,661 more scheduled for completion in 2016 through 2017.
Even so, office space is also expanding to new highs, and more square footage of downtown Seattle office space is planned for the coming years than was built in the past decade. In just the last 18 months, nearly 3 million square feet of new office space has been added, and a further 6 million square feet is currently in the works.
Hotel construction is growing at an alarming rate as well. While fewer than 700 rooms were added in downtown Seattle from 2011 through the first half of 2016, there are 1,471 rooms scheduled for completion in 2017 and an additional 1,468 in 2018.
The Downtown Seattle Association reports that the total value of all construction projects going on now is $3.5 billion, more than double the total from five years earlier.
For more information on Seattle housing, check out our overview of Zumper’s latest “National Rent Report.”