A Peek Into Seattle, Our Newest Market
Over the past few years, we’ve kept our eyes on the growth of real estate in Seattle. Known as the city of tech, the real estate market in this area has been dominated by high-rise office towers and impressive residential properties. Amazon and Microsoft are largely responsible, but other industries are making their presence known in this high-prized location.
The life science industry in Seattle is booming now more than ever. Just this year, $2.7 Billion in funding was brought to Seattle from life science alone. It is no surprise that life science would make their way into Seattle with the emphasis on technology and AI. The Gates Foundation and Allen Center have served as valued hotspots for innovation and implementation. Not only this, but the state of Washington has given many grants and initiatives to support startups in this industry within the last decade.
When comparing Seattle to similar cities on the West Coast, both lab space and the cost of living are significantly lower. With this in mind, many large firms like Alexandria Real Estate Equities and BioMed are expanding their reach within Seattle. Alexandria’s latest investment, a $200 Million property in Bothell, Washington, has further exploded this growth.
Right outside of Seattle, real estate development is thriving. A few months back, Duke Realty bought The Cubes at DuPont, a $1.6 Million square foot industrial property near Tacoma, Washington. Duke also bought a distribution center in Kent, Washington with a square footage of 64K in addition to a 12.2 acre plot where another facility is in the works. These properties will continue to expand the real estate market in Seattle and the surrounding area.
Seattle has become a hub for many industries. This has led CO OP to the area in search of branding opportunities that are distinct and imaginative. Understanding the culture and aura of this city has further drawn us in. We cannot wait to share our upcoming projects in the beautiful city of Seattle.