More people are living and working in downtown Seattle than ever before.
Seventy-two percent of downtown construction activity contains a residential component. That’s the highest percentage ever recorded by the Downtown Seattle Association.
In its annual mid-year report, the nonprofit advocacy organization also says 88,000 people live downtown and 313,589 work there. Each group has increased by more than 40 percent since 2010.
Retail construction is also at its highest mid-year level in more than a decade, with almost 500,000 square feet in development.
Seattle isn’t the only city with an economically vibrant, booming downtown. Major cities across the country are also experiencing a downtown renaissance as companies relocate to be closer to the urban core and residents beat the traffic and take advantage of urban amenities such as museums, bars, restaurants and other attractions.
In Seattle, about 7,100 apartment units and 1,000 condo units are under construction. In the past 18 months, 52 buildings have been completed, with 43 more expected in the next 18 months. Another 133 are in the pre-development phase.
“We have a record number of residents and jobs in downtown, and it’s a trend line we’ve been building toward over the last decade,” says Downtown Seattle Association President and CEO Jon Scholes. “An increase in condo development is certainly a welcome sign, and we need that housing production to continue. The level of investment we’re seeing shows a real confidence in downtown Seattle, and deservedly so.”