Bellevue's Future:
Bigger, Richer, More Diverse
Bisnow's recent Future of Bellevue event kicked off with some impressive numbers about Bellevue and its economy. In 2015, the Downtown workforce was about 46,000. By 2030, it is forecast to be 70,000. Only about 900 people lived Downtown in 2000. By 2015, 11,000 did, and by 2030, as many as 19,000 will.
But growth is more than population numbers. In Bellevue's case, diversity is growing too. The city is now the first minority-majority city in Washington state, and 42% of its residents are foreign-born, many of them essential to the tech boom. What lies ahead for the city is more growth but also more diversity.
Wallace Properties President and Chief Operating Officer Kevin Wallace, who is also a City of Bellevue council member, said one of the strengths of Bellevue as a real estate market — and something that helps attract investors — is the focus of city…
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Why Your Brain Makes You Get Real Estate Investing Wrong
Many assume the real estate investment decisions they make are rational, but what if they are not?
A new research paper called "Addressing built-in biases in real estate investment," produced by Fidelity International, takes the tenets of behavioral psychology and economics and applies them to institutional commercial real estate investment.
Author Matthew Richardson shows how the decisions commercial real estate investors make, which they think are rational, often lead to herd-like behavior and emotional reactions that cause the bubbles and crashes the sector experiences on a fairly regular basis.
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Amazon HQ2 Promotes 50,000 High-Paying Jobs (And A Shock To Your Housing Market)
After a six-week-long coast-to-coast civic competition, bids for Amazon's $5B second headquarters were due Thursday.
The company's request for proposals pit city against city as major markets laid their economic toolkits on the table to see whose was best. In exchange for landing the promised 50,000 jobs (many paying over $100K a year) and bragging rights, cities are throwing anything and everything at the Seattle-based e-commerce behemoth. But those who have shared their city with Amazon for years say the results may not be worth the hefty bargaining chips.
“Economic growth is a wonderful thing,” Seattle retiree Maryelyn Scholz said. “But if it comes with traffic congestion, rising real estate prices, huge commute times and less family time, it's time to be looking elsewhere.”
North American cities may rightfully…
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WeWork Acquires Coding Academy, Plans Nationwide Expansion
The co-working industry leader announced Monday that it has acquired The Flatiron School in its entirety. The programming school, which focuses on accelerated programs for adult students, is in 11 Broadway, also known as the Bowling Green Building, overlooking its namesake…
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Success On Tap: 6 Breweries Anchoring Major Developments Around The U.S.
Craft beer production in the United States has nearly tripled over the past decade, and with that rise has come a host of new breweries in American cities. With many of them featuring taprooms and restaurants, these breweries have become valuable anchors for large mixed-use projects. Here are six breweries that anchor major developments across the U.S.
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Millions Of Americans Are Still Sharing Apartments And You're Worried About A Bubble?
Though the number of apartments under construction has reached a cyclical high, fears of an approaching bubble may be premature.
Those wary of the impact on fundamentals of 480,000 units under construction this year can be assuaged by the fact that apartment demand in the U.S. is still exorbitant, National Association of Real Estate Investment Trusts Senior Economist Calvin Schnure said.
“Whatever level of supply there has been so far, it hasn't been enough to meet population pressures and is nowhere near beginning to address the past buildup of population pressures,” Schnure said.
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