The Urban Land Institute recently published their annual Emerging Trends in Real Estate Report, and Seattle has returned to the top ten, after slipping from first in 2017 to sixteenth in 2018. The report offers a macro-view of economic fundamentals and has long-served as a trusted crystal ball for developers and investors.
As the Seattle Times reports, the Seattle-Bellevue area climbed back up the charts for “strong investor demand, development and redevelopment opportunities, job density, projected net migration and an overall strong economy.” To be sure, the latest figures reveal over 8 million square feet of office space currently under construction in Seattle, half of which his located at South Lake Union. Areas of concern include growing trade tensions with China, issues with the Boeing 737 MAX aircraft, and as the Times adds, the uncertainty of the next Seattle City Council.
According to the report, confidence in the real estate industry remains high: “Property veterans see the internal conditions in the business as solid,” with one investment manager saying “real estate will continue to perform.”