The site is approved for building 77,000 square feet of class-A heated space.SHORELINE, WA—Following the addition of 29,400 workers during the first half of 2018, Seattle is on pace to create more than 50,000 jobs for a fifth consecutive year, according to a second half of the year report by Marcus & Millichap. Office positions, many of them tech related, account for 60% of this year's employment growth, as higher-paying job creation reaches its highest level since 1999.
The strength of this economy is in turn attracting more families and individuals to the area, translating to net migration of nearly 29,000 residents this year. Overall, the metro's population is forecast to grow by 49,500 people in 2018, with annual household formations totaling 25,000.
In response, developers finalized 594,000 square feet of self-storage space during the first six months of this year. An uptick in completions during the second half will push annual delivery volume beyond 2 million square feet for the first time since at least 2000.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
