Commercial Real Estate Report Seattle – Q2 2021
Seattle Commercial Real Estate Market
Is the commercial real estate market slowing down or is it picking up
Seattle commercial real estate covers several different sectors, including but not limited to retail, office, and multi-family. We will look at those three sectors to determine the status of the Seattle commercial real estate market during the second quarter of 2021.
Retail Real Estate in Seattle
The pursuit of retail commercial real estate declined heavily in 2020, but the first quarter of 2021 has seen the volume of leasing improve. Federal assistance combined with the opportunity for more people to receive vaccinations indicate retail leasing will continue to trend upward.
Seattle Office Buildings for Sale
Due to many employees working remotely, the Seattle office market has seen a downturn. There are currently less than 100 Seattle office buildings for sale. Many companies are reportedly anticipating a return to offices later during summer and early fall months. For example, Amazon currently has six floors of office space in the Macy’s building in downtown Seattle and they intend for approximately 2,000 employees to return to those offices in the fall.
Multi-Family Increase in Development
The apartment market in Seattle has improved drastically since early 2020, with more buildings under construction. Lake Union is leading with an approximately 25% increase and Downtown Seattle is currently leading in development, but other areas such as Redmond and Northeast Seattle are also seeing an upswing.
Does the Future Look Brighter for the Seattle Job Market?
Jobs are growing, especially in leisure and hospitality and construction. According to the Bureau of Labor Statistics, the Seattle region has added 41,100 jobs in February and March 2021. With the upturn of the job market, an upturn in Seattle commercial real estate is expected.
Where Can I Find a Seattle Commercial Real Estate Broker?
There are many Seattle real estate companies, but Ewing & Clark has been providing our city with real estate service since 1900. Feel free to reach out to Ewing and Clark or one of our Seattle real estate agents that knows the Seattle commercial real estate market. If you prefer, start today on our Greater Seattle commercial MLS search and let us know what you want to see.