In May we posted an article Top 10 US Cities for new apartment building permits where Seattle came in sixth in new apartment building units permitted. Now a new list is out from Axiometrics with a breakdown by submarket and Seattle’s Downtown/Capitol Hill/Queen Anne submarket lands at number two with almost 4,000 units due to come on line in the near future.
And that’s on top of nearly 6,000 units (3,500 in the last two years) that have already been delivered downtown since 2005. Plus there are several other hot neighborhoods such as Belltown and South Lake Union that are experiencing tremendous growth. If that wasn’t enough there are 11,000 more new units planned but unpermitted for downtown Seattle, if even half of those get built leasing will become very competitive.
For a June 2012 update on Seattle apartment building and commercial development and construction see the 2012 Mid-year Development Guide produced by the Downtown Seattle Association.
Granted the new properties are very nice but Seattle’s tech and bio-tech industries are going to have to continue growing quickly to provide renters for all those units.