Seattle Office Space News – April 2016

News

Below are comments and links to news articles and other topics relevant to the Seattle office space market from the month of April 2016.

OFFICE DEVELOPMENTS

In April Urban Visions released further details of their “S” project in Sodo. The latest filing shows 990,000 square feet of office space in five buildings. Greg Smith of Urban Visions announced previously that he would not begin construction without a tenant in place.

The Seattle Housing Authority is attempting to sweeten the deal for a property it has for sale at Ninth and Alder Street. Today, thirteen ultra-low income apartment buildings occupy the parcel. A new owner could develop up to a million square feet of commercial space and now the SHA is allowing an additional 350 multifamily housing units on the site.

BUILDING SALES

Another international buyer has made its way into the Seattle commercial real estate market. Vancouver based Omni Development Capital Corp. purchased the historic 1411 4th Ave building. The building measures 124,740 square feet and Omni has several renovations planned for the project. Mack Real Estate group sold the building to Omni for $29.75 million or $238.49 per square foot.

OFFICE LEASES

There were no news reports of office leases in April.

ECONOMY

Once again, this month brought news of a shortage of homes for sale in Puget Sound. One year ago there were nearly 3,600 homes and condos for sale and that number is now down to 2,700. With decreased supply comes record setting prices, the year over year median sales price in King County increased 20 percent to $531,250.

With the tremendous growth in Seattle and rising home prices, a new report by GOBankingRates.com indicates that in order to live comfortably in Seattle you must make $72,092.

In one of the few signs of a Slowdown in Seattle, the number of construction workers added in the first quarter remained flat, compared to double digit growth over the past two years. Many construction firms are stating they are able to evaluate all projects and respond to bids in a timely fashion. This is quite a bit different from a year ago they were too busy to consider any other projects

TUNNEL/VIADUCT

The much dreaded two week closure of the Alaskan Way Viaduct occurred in April. Crews operated on the tunnel boring machine Bertha underneath the Viaduct during the closure. It is estimated that 90,000 vehicles use the Viaduct every day and traffic was routed onto other streets creating mass congestion.  A video guide of Bertha’s path can be found here.

OTHER NEWS

British Columbia based Burrard Group released a simulated flyover of what South Lake Union will look like in 2020, which you can find here.

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