Guess what? It looks like downtown Seattle is back.
Things were a bit uncertain for awhile; between 2000 and 2012, we had a 12% drop in employment (or 20,000 jobs) in the downtown Seattle corridor. But the great news is that Seattle has been blessed with strong corporate institutions which have helped insulate our region, ensuring that our losses have not been as dire as those in many other cities.
These days, things are looking good. With sections of downtown like South Lake Union and the Stadium District committed to growth, we should see a dramatic economic upswing in the heart of the city. Amazon.com and the Bill and Melinda Gates Foundation have set the tone for South Lake Union. Their commitment will bring jobs and residents and maybe something more important; enthusiasm. While SLU is striving to become a cauldron of biotech, real estate, and technology power players, the Stadium District is also building for the future. There is a new 25 story apartment building planned and a proposed NHL/NBA stadium to be constructed South of the current stadiums. New restaurants and shops will soon follow, promising a fun and interactive experience.
With the drop in real estate prices over the past few years, there are a ton of good buys available in these areas. And with new jobs popping up each day, there are plenty of renters to fill these investment properties. So it may be time to rent again downtown…are you up for it?