by Mark Daniel, Vice President of Partner Relations at RealMassive, A.B. Economics Stanford University
When you arrive at the website Seattle Department of Construction and Inspections and click on “apply for a permit” one of the first things you see is the following warning:
“Due to an unusually high volume of permit applications, our reviews are running two to four weeks behind our target dates.”
Seattle has experienced an onslaught of apartment construction over the past few years having caused some investors to exit the market. That being said, rent growth remains strong at 7.29% year-over-year (against a national average of 4.3%) and occupancies average 95.3% according to a recent article from leading apartment research firm Axiometrics Inc. which you can read here.
The permits database is somewhat messy and includes everything from a 40-story high-rise tower to replacement of landscaping. Rather than spend the next week looking through all 5,000 permits I have reduced the field to just those valued at $5 million and over, most of which are construction of new apartment units (though there were still several small projects below that threshold). This narrows the database to a more manageable, but still pretty impressive 147 projects with a combined value of just over $3 billion. Distribution of the values is as follows:
…with the stages reported as below:
Geographic distribution of the projects is as follows:
Maps courtesy of Project Atlas
Nine of the ten largest projects, all valued over $50 million, are located near downtown.
583 BATTERY ST $162,000,000 Construction of NORTH 40-story high-rise tower and base for retail, residential & parking. (Construction of 2- 40-story towers including foundation, structural, architectural and mech to completion & occupy per plans. Review and process for 2 AP’s under 6119249).
2202 8TH AVE $121,548,017 Establish use as multi-family residential and general retail. Construct high-rise apartment and retail building and occupy, per plan.
2116 4TH AVE $84,542,098 Phased project: Construct a new residential apartment and hotel building with ground floor retail and below grade parking, and occupy per plan.
4 through 10:
1115 COLUMBIA ST $80,581,155 Demolish existing apartment building at 1106 Cherry St
1200 HOWELL ST $78,637,711 Phased project: Construction of a residential building with below grade parking and occupy per plan.
2030 8TH AVE $73,516,106 Phased permit: Construction of a residential and retail high-rise building including parking within the structure and occupy, per plan.
1255 HARRISON ST $69,632,902 Phased project: Construct a new residential and retail building with below grade parking, and occupy per plan.
802 SENECA ST $68,696,961 Phased project: Construct a residential and retail (highrise) building with below grade parking and occupy, per plan.
1500 NW MARKET ST $55,278,220 Phased project: Construction of a residential and retail building and occupy, per plan.
401 8TH AVE N $52,187,023 SEPA & DR – Construction of a residential bldg with approx 300 apartments and ground floor retail. Parking for 180 vehicles to be provided at above and below grade.
Click Here if you would like to request free access to the interactive versions of the maps shown above, which will allow you to look into each area in more detail.
Contact me to let me know what market/property type you would like to see highlighted in a future post.
Maps provided courtesy of Project Atlas. Project Atlas comes pre-loaded with historical construction activity and current appraised values for commercial property types in your markets. Click Here for more information on how you can use Project Atlas, or send an email to [email protected].