Over the past few development cycles, the region’s urban communities — notably downtown Seattle and Bellevue — have continued a path toward rapid densification. As employment rises in the core, so does the need for housing, multi-modal transit and other fundamental elements supporting urban growth.
The evidence is everywhere: Our downtown communities rank near the top of all U.S. cities in the number of tower cranes on major construction sites. Developers and their partners are delivering a range of project types to meet demand from urban residents, large-scale office users, health, education and research organizations, retailers and hospitality operators, among others. And while the coronavirus has impacted the projected pace of some downtown development, there’s reason to believe that Seattle and Bellevue remain healthy targets for domestic and global investors. The area’s overall desirability, in addition to its ability to adapt to the “new normal,” has given further strength to the local residential market.