Seattle ranks No. 7 in the nation for investment, development, and homebuilding, according to the Urban Land Institute’s Emerging Trends report.
The Urban Land Institute study, which ranks the top 20 cities across the nation, notes a high correlation between ranking and employment growth. In this area, “Seattle is experiencing terrific momentum in job growth, with tech companies taking up most of the well-located vacant space.” Amazon in particular is contributing to development with its construction of a three-tower campus in South Lake Union.
Here are additional highlights from the report:
- Investors continue to be attracted to Seattle as a global center for the software industry;
- Job growth for 2013 is projected at 1.2 percent;
- Seattle continues to attract and accommodate a growing young adult population with Echo Boomers, or Gen Y, expanding by 20 percent over the past decade;
- Companies like Amazon, Starbucks, Boeing, Microsoft, Nordstrom, the Gates Foundation, and Costco are hiring.
Bellevue is cited as an ancillary market that investors may find attractive. As transit is increasingly developed between Seattle and outlying cities, large suburban areas will benefit.