Real estate in Seattle and the Eastside continues to be a hot commodity. Rental prices continue to soar, while residential and commercial vacancies are hard to find and often result in bidding wars that outprice many potential renters.
A recent article by Marc Stiles of the Puget Sound Business Journal shows apartment rents climbing four times faster in Seattle than elsewhere in the U.S. (8.4% in Seattle, 9.1% in Renton, and an astounding 10.6% in Lynnwood). “(In Seattle) the media rent for a one-bedroom is $1,770, while the median two-bedroom rent is $2,300.”
At The Registry, an online Puget Sound Real Estate website, writer Kristin Bentley explains how the Seattle and Bellevue Office Markets Are One Of Fastest Growing In Country.
“South Lake Union is clearly on fire right now, there’s very little vacancy,” says JJ Shephard, a managing director for JLL in Seattle. “Overall, I would say that the Seattle market, in general, is going through some significant expansions, in terms of employment growth. So we’re seeing across all different spectrums of the employment base.”
Meanwhile, vacancy in the Eastside of Seattle has continued to decline through 2016. Outside of a couple select areas, Eastside vacancy is highly sought after and with the recent news that a major company is planning to move its headquarters from Seattle to the Eastside. Kidder Mathews warns that people should expect Eastside vacancy rates to continue to fall. For reference, below is a graph that compares today’s direct vacancy rates in the Eastside to those of Q2 2015.
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