Says Raabe: "We've done projects throughout the area as far north as Everett and as far south as Federal Way. One thing we learned in the past down cycle is that the further out you go from the core, the weaker the market is."

Like so many experts forecasting a less-than-sunny economy, despite the Fed's interest rate cuts, Raabe expects a slowdown. "That's given us somewhat of a defensive strategy, which means staying close to the core and what we believe to be the best bet, which is the urban infill market."

Other factors play into Raabe's up-beat opinion about Downtown development. The snarl of traffic congestion around Puget Sound for one. "Traffic gets worse here ever year," says Raabe adding, "There's been no solution, and the proposed solutions aren't going anywhere. Commutes are getting worse every year, and people are getting to the point where they don't want to do it any longer."