Seattle Forecast 2018 Recap
January 25th, 2018 / Seattle
As 2018 progresses, Seattle continues to see a flourishing commercial real estate market. Panelists at Bisnow’s January 2018 Seattle Forecast event gathered together to discuss the market’s opportunities and challenges going into the New Year. As a leader in the market, Polaris Pacific was invited to speak at the event to discuss foreign investment and development seen in various high-rise condo projects across the region, specifically touching on Polaris Pacific’s ELEV8 project developed by China-based Plus Investment USA. ELEV8, among other mega million-dollar deals, have contributed to Seattle’s boom.
Various experts attributed the booming commercial market to Seattle’s diverse mix of industries and excellent living conditions. Cloud-computing mega-giants like Amazon have attracted significant foreign investment coming from Australia, Canada and most notably from China accounting for over $2.2B worth of investment and 90% of that happening in the last three years. Additionally, growing maritime and aerospace industries are contributing to Seattle’s economic health.
Lastly, Seattle will see a dramatic influx of foreign buyers and traveler’s due to multiple new international nonstop airline routes. Following a highly anticipated $766M international terminal, set to bring in carriers with nonstop flights from around the world, the number of international traffic will skyrocket. With the market’s continued strong momentum, coupled with promising future developments, some experts are calling Seattle the next international city.