This article is featured in the March issue of Seattle Business magazine. Subscribe here to access the print edition.
The Seattle area is poised for a big rebound in commercial construction after the pandemic.
Seattle ranks No. 5 on commercial brokerage CBRE’s inaugural U.S. Development Opportunity Index based on construction costs, existing supply, prior performance and future forecasts.
“Seattle’s desirable lifestyle, highly educated workforce and continued job growth, particularly
in the technology, e-commerce and life-sciences sectors, are driving employers to need more capacity for their product and employees,” says John Miller, senior managing director for CBRE in the Pacific Northwest.
The region stood out in several categories, ranking No. 4 for multi-family development opportunities, No. 8 for office, No. 9 for industrial and No. 12 for retail.
The report notes that Seattle is among the most expensive development markets in the country and is predicted to remain that way.
Building rehabs are also expected to occur at a rapid pace as employers reconfigure space to keep workers healthy. Atlanta ranked No. 1, followed by Dallas, Phoenix and Orlando.