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SEATTLE – This morning, more than 900 local business leaders gathered for the State of Downtown Economic Forum – the Downtown Seattle Association’s (DSA) annual analysis of the Downtown economy. “This is the business community’s version of an annual check-up,” said DSA Board Chair Jane Rakay Nelson to the sold-out crowd. “Only in this case we’re getting a read on our economic health.”
The consensus opinion according to forum speakers is that despite a difficult 2009, and a tough year ahead, Downtown Seattle’s diverse economic engine will help us come out of the recession more quickly than others.
“To be competitive, we need to pay attention to all of the city policies that could discourage people from opening businesses here, and stay close to our current businesses and any problems they might have expanding,” Joncas added. “It’s critical for our Downtown to be healthy because Downtown is the home for 49 percent of the city’s jobs, 43 percent of the city’s retail sales and is the state’s leading destination for tourists.”
“While Seattle isn’t escaping the bad news, it does have several significant attributes that other regions don’t have,” added keynote speaker Jeff Finkle, president & CEO of the Washington, D.C.-based International Economic Development Council. “You’re a major international trading hub, you’re focusing on some cluster-based industries that other areas don’t have, you have the infrastructure in place to fiercely compete for those industries, and you have a history and culture of innovation and entrepreneurship.”
In addition to Joncas and Finkle, speakers included Seattle Mayor Mike McGinn and Russell Investments President & CEO Andrew Doman, who received a warm welcome from the DSA which played an active role in attracting the global investments firm to Downtown.
In his remarks Doman made a case for building a stronger financial services sector in Downtown, and discussed the reasons behind Russell Investments’ decision to relocate its headquarters from Tacoma to Downtown Seattle later this year when it moves into the former Washington Mutual Center, soon to be renamed “Russell Investments Center.”
Forum attendees also received a copy of the DSA’s 2010 State of Downtown Economic Report including statistics and comparative year-over-year analysis on Downtown’s economic drivers for 2009.
The 20-page report highlights research on Downtown Seattle’s lease and vacancy rates for office and retail properties, details on residential growth, information on tourism, updates on emerging industries and more. The information, compiled by the Metropolitan Improvement District’s (MID) business development and market research team, provides a snapshot of Downtown’s economic landscape as the city enters a pivotal new decade.
This analysis is important because it allows city stakeholders to see how Downtown Seattle’s economy has evolved year after year. The research helps both DSA and other community leaders make informed decisions about where to invest energy to make the biggest impact on the overall health of Seattle’s Center City.
Some of the report’s most notable indicators include:
- There has been less than 1% change in the number of occupied street level businesses between 2008 and 2009.
- Broader Downtown Seattle, which makes up 44 % percent of the Puget Sound office market, recorded vacancy rates rising from 10.8% in the fourth quarter of 2008 to 20.0% in the fourth quarter of 2009.
- The average asking lease rate for Class “A” office space decreased from $34.99 to $29.26 per square foot, fully serviced.
- There were 244,759 employees in Center City Seattle in 2008. This figure represents 49% of all of the employees in the City of Seattle and 21% of those in King County.
- In Center City Seattle, an estimated $1.4 billion in development projects were completed in 2009. Another $1.9 billion are currently under construction. Since 1998, there have been at least 284 completed projects totaling $9.6 billion in construction.
- With 57,370 estimated residents in 2009, the Center City population has grown by 68% since 1990, compared to 17% citywide growth during the same period.
“Even in challenging times, we believe that if we continue to focus our efforts on vibrant residential neighborhoods, a strong jobs base, healthy retail and diverse arts, entertainment and sports, we’ll be successful,” added Joncas. “Simply put, we’ll be a great place to live, work, shop and play.”
Print copies of the 2010 State of Downtown Economic Report are free for DSA members, and available to non-members for $10 (payable by credit card only) by contacting the Downtown Seattle Association at (206) 623-0340.
Additional research on Downtown’s economy and more is available at the Downtown Seattle Association’s website, www.DowntownSeattle.com.
The sixth annual DSA State of Downtown Economic Forum – conducted in partnership with the City of Seattle’s Office of Economic Development and the MID – was sponsored by Lane Powell PC (presenting sponsor); Davis Wright Tremaine LLP and Realogics (platinum sponsors); BN Builders, Inc., Hines, Mark G. Anderson Consultants, McCullough Hill PS, Metzler, Schuchart and Total Creative Inc. (gold sponsors); and KIRO 97.3 FM and the Puget Sound Business Journal (media sponsors).
About DSA
Established in 1958, the Downtown Seattle Association (DSA) is a member-based non-profit organization that champions a healthy, vibrant urban core. By advocating on behalf of business, non-profit, arts and residential interests throughout Downtown Seattle, DSA ensures that Downtown is a world-class place to live, work, shop and play.
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