There is so much optimism regarding Seattle’s commercial real estate, according to a very well-known national survey prepared by the Urban Land Institute and Pricewaterhouse Coopers. The annual forecast releases on Wednesday shows that Seattle’s metropolitan area ranks 6 among the United States top 50 markets for commercial real estate.
Seattle was no. 8 a year ago, dropping from the no. 1 post last 2008.
Reports author, Jonathan Miller said that the state of Seattle is maintaining its post as the “up-and-coming global gateway”.
According to the report, this is the result of the state’s population growth—about 160,000 people have moved in Seattle since the recent recession. Investments prospects on commercial real estate are getting better, and more and more younger-working-people wants a “24-hour lifestyles” near their working place.
“Investors with cash could have excellent opportunities to seize market bottom plays by recapitalizing cash-starved owners or buying foreclosed assets,” said a senior member with the Urban Land Institute, Stephen Blank.
Blank also said that “better days” are coming but this does not mean that the recession days are now over.
Seattle’s commercial real estate market is better than most because it consist of various sets of industries.
Washington, DC., retains its number 1 position, and it is followed by New York, San Francisco, Austin, Boston, Seattle, San Jose, Houston, Los Angeles, San Diego, Denver, Dallas-Forth Worth, North New Jersey, Orange County, Calif., San Antonio, and others.
According to the report from “Emerging Trends in Real Estate”, commercial real estate and apartments are bright area next year across Seattle and across the country. It is the sector of commercial real estate that will see noteworthy new construction.