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Behind every real estate boom is concern of an impending bust—but Seattle still has a long, exciting future ahead, market experts say. (No need to buy all those flashlight batteries and dehydrated food packs.) That's why we're excited to be holding our fourth annual Seattle State of the Market event on Sept. 17 at 1201 3rd Ave to hear just why.  Wright Runstad president Greg Johnson, who'll be speaking at the event, says he still sees evidence that the region's market fundamentals are getting even stronger. There's more hiring, with nearly 46,000 new jobs this year. More companies are expanding their footprints, such as the ever-growng Amazon, which took a half mil SF in four buildings north of Downtown this summer. And more businesses are coming to town, such as California-based Oculus VR's recent acquisition of the locally based Carbon Design Group, which it plans to grow. Then there's the seemingly endless stream of young talent finding its way to Seattle, one of the coolest places to live in the country. Commercial real estate isn't the only beneficiary, Greg adds: The energy is also finding its way into tourism and the arts. “Even the Mariners are in contention."  Holland Development president Tom Parsons, another speaker, says deliveries are exceeding projections and absorption eclipsing demand. Even though he expects multifamily rent growth to slow for a period of time—especially as nearly 11,000 new units come online here this year (the most since 2000)—it will only be a short-term imbalance. In the long run, Tom says demand is still rising, especially in submarkets like Downtown and South Lake Union. Holland is the in home stretch of its big bet on Seattle apartments: the towering 368-unit 815 Pine, where interior finishes are underway, will have first occupancy later this year. The company also completed its 286-unit True North in South Lake Union earlier this year. Hear more from Greg, Tom, and other top market experts at our event. Don't miss out; sign up today! |
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What If Garbage Made Your Building Stronger? Imagine this: buildings are no long charged for garbage collection. Instead, their trash goes toward generating energy so that building waste is a resource. It's coming... eventually. We still have some time before that idea hits, but it was one of many at Bisnow's recent Sustainability: The Green Building Revolution event. It was a chance for 250 real estate pros to swap ideas, dreams, and practical tips at the Four Seasons. The city and the Pacific Northwest are already leaders in sustainable design, including both private (such as the carbon- and energy-neutral Bullitt Center) and public (Seattle's tough new energy code). Much more is to come.  The National Trust for Historic Preservation senior director Mark Huppert says cities can't thrive without older buildings. If you need some beach reading, check out his report: “Older, Smaller, Better.” It points out the link between older properties and the number of creative jobs in the area or human activity on the street. Older buildings—which can be green—also help grow business. Mark cited that Microsoft, Amazon, and Starbucks all started in older buildings, and Starbucks is still in one adapted to its needs.  Daniels Real Estate prez Kevin Daniels explains why EUI (energy use intensity) as a metric is catching on. “It's really a proxy for carbon,” he says, and by looking at EUI on a citywide basis, “it allows us to track the performance of the built environment.” Its use represents a fundamental shift that will promote a greener city, especially now that building owners are required to disclose their buildings' EUIs. (Just so you know: it's usually expressed as energy per square foot per year.)  Paladino & Co CEO Tom Paladino says projects that excite him are buildings that are fit for their purpose. They're efficient in many ways, but also fun, which means "employees in the building are more productive, and companies there make more money." He also emphasized Seattle's leadership in sustainability, noting that the first 2030 District is in Seattle. It's one of five so far nationwide that look to the future of sustainability through public/private partnerships.  DLR Group principal Jason Dardis and PAE associate principal Allan Montpellier. Jason says sustainability is shifting toward a focus on people, planet, and profit. End users' health and experience are priorities in sustainability, which leads to more flexible space. Allan stresses that the quality of the environment is critical, incorporating features such as daylight and fresh air. (Maybe we could all work from Ford Mustangs?)  Google facilities manager Stefan Riedl says "few standard buildings work for Google," so it's always working on improving its buildings. Googlers (its employees) are always on the move and want flexibility and a healthy work environment.  Our moderator was Kibble & Prentice SVP Kevin Swiryn, a specialist in commercial insurance and risk management. Fun fact: for a few years, Kevin was a pro rugby player, playing for teams in the US and France. Stay tuned for more coverage from the event. |
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Bisnow Makes the Inc 5000!Okay, it's not the Fortune 500 top industrial companies or the Forbes 400 billionaires, but, hey, the Inc 5000 is pretty cool—the fastest-growing private companies in the whole US. And we ain't at the bottom, but actually toward the "top," at #1,643. With a 258% growth rate over three years. So, we'll take it! And profound thanks to you, our readers and event attendees, for helping make it happen. And for giving us the privilege of working in and for an industry that we love, that literally changes the face of America and does so much for the country every day. No punchline. Sometimes we gotta be serious. |
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