If the cranes dotting the skyline weren’t a clear enough indication, a new report from the Downtown Seattle Association says that the city is in the midst of a record $5 billion in current construction activity downtown.
The 2017 Mid-Year Development Guide offers some staggering numbers related to the transformation of the city’s downtown, fueled by a tech boom led by ever-expanding companies such as Amazon, Google, Facebook, F5, Apple and others.
With more than 1,000 people moving to the region every week, the guide says that residential builders are racing to meet the demand, with more than 30,000 units under construction or in development. Residential work — mainly focused on apartments — represents two thirds of all projects under development in downtown Seattle.
The $5 billion figure is a 40-percent increase over 2016 construction activity and more than triple the lowest point in 2011, the association reports. As much square footage in office space will be delivered over the next three years as was delivered in the previous nine.
With big companies locating in the urban core, the need for hotel space is also heightened and that development is also setting records. A total of 919 hotel rooms are scheduled for completion in 2017. The largest hotel in the region — a new 1,264-room Hyatt Regency — will be completed in the Denny Regrade area in 2018.