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Market Report

Seattle-Tacoma Multifamily Investment Forecast

2020 Outlook

Tech Firm Influx Bolsters Employment Growth, Fueling Demand Across Seattle

No slowdown in sight for Puget Sound region as tech firms compete for talent. Seattle stands out as one of the nation’s most robust economies moving into the next decade, maintaining a healthy employment outlook that continues to drive rental demand. The metro created approximately 65,000 jobs last year, the strongest annual increase in more than two decades as firms competed for top-tier talent. Deep tech roots motivate a long list of tech titans to grow their workforce in Seattle’s South Lake Union neighborhood and on the Eastside as the local infrastructure is strained and commutes into the city remain a challenge. Sound Transit’s Link light-rail expansion will connect the Eastside to downtown Seattle and other parts of the metro in 2023, bringing some relief to the region. Developers have moved forward with major apartment projects near future stations across the metro, contributing to a large pipeline that at the end of 2019 had more than 18,000 units underway. Much of the new supply targets higher-income renters in the urban core, driving more middle-income renters to areas of Everett, Kent and Federal Way, where rent gains are outpacing the market average.

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