Seattle's Office of Economic Development commissioned a study recently that shows the South Lake Union neighborhood has grown faster than originally thought in 2002, despite the recession. There were predictions made in terms of how much office space would be built, how many housing units added, jobs created and how much tax revenue would be generated between 2004 and 2010 as a result of the redevelopment of the area.
In terms of commercial growth, there has been more than predicted with the addition of Amazon headquarters, biotech, other office space, and retail. However, housing growth is falling toward the low end of the forecasted amount. Job created and tax revenue both also exceeded estimates.
According to the Puget Sound Business Journal, "Overall, actual development exceed the highest projected growth by 10 percent".
What does this mean in terms of Real Estate? We believe it means that buying a condominium in this coveted area will be a great investment.
Want to buy in South Lake Union or just have questions? Feel free to contact us anytime!
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