Development

Continuing a trend that has lasted for more than a decade, the majority of development projects in downtown have a residential component. In fact, more than 6,200 units are scheduled to be completed over the next two years. The first month of 2023 marked the largest construction delivery in downtown’s history with the opening of the $2 billion Seattle Convention Center Summit building, adding 1.5 million square feet of space to the heart of downtown. The first vertical convention center in North America, the building will also feature some 36,000 square feet of retail and restaurant space at street level.

Key Takeaways

• Projected Projects: According to city of Seattle data, new downtown building permits have an estimated cost of $758 million, and two-thirds of projects are planned for the South Lake Union and Denny Triangle neighborhoods.
• Residential Boom to Continue: While the overall pace of development is slowing downtown, much of the current development is focused on multifamily projects. There are more than 6,000 units under construction or in the final planning stages with another 11,000 units being proposed.
• Slowing Office Construction: After adding tens of millions of square feet in office the past decade, proposed projects anticipate an additional 1.6 million square feet in the next three to four years.