Downtown Seattle Continues to Show Signs of Strength and Revitalization

SEATTLE, Dec. 30, 2024 — While the pace of development in downtown Seattle has slowed from its pre-pandemic peak, the center city continues to show signs of strength and revitalization, ranking third among 10 peer U.S. cities in the number of projects currently under construction; second in the total number of commercial and residential projects completed in 2024; and first in residential units under construction.

These findings were highlighted in the Downtown Seattle Association’s year-end development guide, which offers a comprehensive look at the city’s ongoing investment and construction activity.

Residential growth

Residential development continues to be the standout trend in downtown Seattle. In the past year, downtown’s residential population grew by nearly 2,400, reaching more than 108,000. Downtown Seattle leads its peers with more than 4,000 residential units currently under construction, with a strong pipeline of more than 14,000 units proposed or in final planning stages.

The following downtowns are considered Seattle’s peers: Atlanta, Austin, Boston, Denver, Chicago, Los Angeles, Portland, Salt Lake City and San Francisco.

Multifamily development

Multifamily development continues to be the focus of projects in Seattle and across peer downtowns, comprising 62% of those under construction. At the same time, office- and hospitality-related projects are also advancing. Downtown currently has around 2 million square feet in non-multifamily and hospitality projects under construction with more than 10 million square feet being proposed or in final planning stages.

Key findings:

• Seattle is leading in the number of multifamily units currently under construction among peer downtowns (more than 4,000). We also are in the top four for residential units being proposed or in final planning stages.
• Sixteen projects were delivered in 2024 and nearly 75% of them were residential. Newly completed residential projects included nearly 2,000 residential units and almost 300 additional hotel rooms.

New residents

According to recent U.S. census estimates from Esri Community Analyst, newer downtown resident households over the past year are more likely to be younger, male and more diverse than the rest of Seattle households.

Key findings:

• In 2024, downtown accounted for nearly half (47%) of the new residents in Seattle.
• From 2023 to 2024, downtown’s median age declined to 34 years.
• The share of residents ages 25-34 increased by nearly 14 points from 2023.
• The share of male downtown residents increased by nearly four points to an estimated 57% of downtown’s residential population.

Future outlook

Looking ahead, new building permits have continued to slow, totaling 11 in 2024 compared to 28 in 2023 and 20 in 2022. Similar to 2023, nearly half of the applications in 2024 were for multifamily residential projects.

Between 2021 and 2022, Seattle was the fastest-growing large city in the U.S., growing 2.4%, with much of it concentrated downtown. In 2024, downtown’s residential population increased to more than 108,000 residents.

“With more than 4,000 residential units under construction, we’re not only a leader among our national peers, we’re also attracting the next generation of downtown residents,” DSA President & CEO Jon Scholes said. “The confidence investors have in our downtown is evident, and the steady growth in residential development and some continued investment in commercial projects shows the strength of our city as an economic and cultural hub.”

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About the Downtown Seattle Association

Established in 1958, the Downtown Seattle Association is a nonprofit membership organization whose mission is to create a healthy, vibrant downtown for all. By advocating on issues including transportation, economic development and the urban experience, DSA works to ensure that downtown remains a great place to live, work, shop and play for all. DSA also manages the Metropolitan Improvement District, a business-improvement area spanning 300 square blocks downtown.