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1 Mid-year update

2 Rendering: LMN Architects The Downtown Seattle Association publishes two development guides each year to measure development activity taking place within downtown Seattle. The first, published each February, is an annual summary of all development activity for the previous calendar year. The February summary is followed by a mid-year update published in summer. An explanation of criteria used in this analysis and a glossary of terms is included at the end of this document. Except where otherwise noted, statistics in this mid-year update refer to projects currently under construction in June of each year. With the exception of 2010, when no mid-year guide was produced, DSA has collected comparable data for each June since For more information, please info@downtownseattle.org or call Key Findings here is currently $5 billion in construction activity, a 40 T percent increase over last year and more than triple its lowest point in Residential projects continue to dominate, representing two-thirds of all projects under construction downtown. Most of this continues to be focused on apartment development. he pace of office construction has nearly tripled over the T past decade. Over the next three years, we ll see delivery of as much square footage as was delivered in the previous nine. Hotel development is setting records, including what will be the largest hotel in the region a new 1,264-room Hyatt Regency in the growing Denny Regrade area. That project will be completed in DEVELOPMENT GUIDE 01

3 Development Activity Overview Residential projects lift construction activity to new heights. Seventy-four projects were under construction as of June 2017, a 14 percent increase compared to the 65 projects in progress at this time last year. Residential ventures continue to dominate, with two-thirds of projects having a residential component. With the exception of the most recent recession, residential projects have consistently represented the majority of downtown development activity. Buildings Under Construction Mid-year Total Buildings Residential Buildings DEVELOPMENT GUIDE 02

4 While downtown represents 5 percent of building permits issued in the city in the past 12 months, it accounts for half of Seattle s construction value. Half of all private building investment in Seattle occurs downtown. Construction Value for Permits Issued 12 months ending June 2017 $2.36 BILLION $1.19 Photo: Amazon BILLION Seattle The investments developers make in downtown show a level of confidence in the current and future economy. When adjusted for inflation, mid-year construction investment hit a new record in The $5 billion in current activity is a 40 percent increase over last year and more than triple its lowest point in Downtown Source: Project Cost Under construction adjusted for inflation $5.0 B I LLI O N S $4.0 $3.0 $2.0 $1.0 $ Figures are in 2017 dollars. Construction cost does not include land or soft costs such as permitting and design work. DEVELOPMENT GUIDE 03

5 Rendering: WEINSTEIN A+U Of the 74 projects currently under construction, 37 are scheduled for completion by the end of this year (in addition to 14 that have already been completed since January). There are currently 21 projects scheduled for completion in 2018 (four are in predevelopment). Another 70 are scheduled for completion in 2019 (20 of which are now under construction). A dozen more projects are scheduled for completion in 2020 and beyond. Note that this only includes those with announced completion dates. There are 83 additional projects with completion dates of TBD, all of which are still waiting on permits Buildings by Current Status and Completion Year 24 7 For those with announced completion dates Currently Under Construction Demolition, Shoring and Excavation 27 Land Use Issued Predevelopment Nearly twice the number of projects are scheduled for completion in 2017 than were completed in The numbers next to each bar indicate the total projects completed or scheduled for completion that year. 12 DEVELOPMENT GUIDE 04

6 Downtown in Detail Residential development, already in full swing, continues to ramp up. In the past 10 years, more than 20,000 residential units were added to downtown s inventory and more than 30,000 are under construction or in development. As of the end of 2016, 47 residential buildings were under construction. Of the 74 projects currently under construction as of June 2017, 49 have a residential component. In the past 18 months, 3,245 units were completed downtown. Nearly 5,000 more are expected by the end of the year. In all, 5,975 units are scheduled for completion in This represents a record number of new residential units for downtown. From June 2017 through the end of 2019, another 17,709 units are scheduled for completion. Another 1,641 are already scheduled for 2020 and 12,965 units are proposed with no completion date announced so far. Altogether, this adds up to more than 32,315 potential new units with nearly 10,000 of these already under construction. Residential Units by Current Status and Completion Year For those with announced completion dates Currently Under Construction ,875 2,446 3,292 3,600 Demolition, Shoring and Excavation Land Use Issued Predevelopment The numbers next to each bar indicate the total projects completed or scheduled for completion that year , , , , ,641 DEVELOPMENT GUIDE 05

7 More than 1,000 people are moving to the Puget Sound region every week, contributing to unprecedented demand for housing. Apartment and Condominium Units by Current Status Currently Under Construction Demolition, Shoring/Excavation Land Use Issued or Predevelopment Apartment Units Condominium Units 3, , , ,517 1,268 The current development cycle still favors apartments over condominium units. Although it is an increase from the previous year, there are only 489 condo units under construction downtown, compared to 8,880 apartments. Current state law discourages condo development. The threat of lawsuits under the state s condo defect liability law not only increases liability for developers from lawsuits themselves, it increases insurance and financing costs for the project. The table on the left includes units with no stated completion date. It does not include 3,838 units for which unit type is not yet determined. DEVELOPMENT GUIDE 06

8 Downtown in Detail Office development sustains a swift pace. Amazon occupies more than 10 million square feet of office space in downtown. Once current and planned construction is complete, Amazon will have more than 12 million square feet of office space. Amazon Downtown saw a resurgence of office construction over the past few years. After a low point in 2011, when only 600,000 square feet were under construction, downtown office construction surged to more than 7 million square feet under construction in June Today s levels are slightly less, with 5 million square feet currently under construction. Office Square Footage Under construction at mid-year MILLIONS DEVELOPMENT GUIDE 07

9 Since 2010, developers have delivered 10 million square feet of office space. More than half of that was in 2015 and In the first half of 2017, just over 1 million square feet were completed. An additional 11.4 million square feet of office space is scheduled for completion in the next 3.5 years. By comparison, this is about the same amount of space added in the nine years ending in December 2016, nearly tripling the overall pace of office development downtown. An additional 3.5 million square feet is in the office pipeline for projects without announced completion dates For those with announced completion dates Office Square Footage by Status and Completion Year Currently Under Construction Predevelopment Land Use Issued Demolition, Shoring and Excavation The numbers next to each bar indicate the square footage (in millions) completed or scheduled for completion that year. 1.6 DEVELOPMENT GUIDE 08

10 Downtown in Detail Hotel development rises and shines. Once built, the 6,660 rooms in various stages of development represent a potential 48 percent increase in hotel capacity. With nearly 14,000 rooms, downtown already has the highest hotel capacity in the city. Seattle s growing tourism industry and convention center expansion are expected to keep demand high. Development ground to a halt in 2011, but with room demand and occupancy among the highest in the nation, hotel developers are racing to make up ground. A record 2,875 rooms are under construction as of June This includes the 1,264-room Hyatt Regency (pictured right), scheduled for completion in 2018 near the future home of the Washington State Convention Center Addition. A total of 919 hotel rooms are scheduled for completion in This is the most since DSA began tracking comparable data in The previous record was 652 rooms delivered in In the next two years ( ), an additional 3,323 rooms are scheduled for completion. In all, 6,660 rooms are in various stages of development downtown including the 2,875 currently under construction. Rendering: R.C. Hedreen Co * 408 Hotel Rooms by Completion Year For those with announced completion dates 2012* 2013* ,814 Currently under construction Demolition, Shoring and Excavation Land Use Issued Predevelopment , TBD 450 1,762 The numbers next to each bar indicate the total projects completed or scheduled for completion that year. *No hotel rooms completed from DEVELOPMENT GUIDE 09

11 Conclusion Downtown continues to grow, as families, companies and workers are drawn in by a strong economy and a beautiful natural setting. The health of the city core is reflected in the vitality of several important sectors. Housing and commercial projects are increasingly linked as workers choose to live near their place of employment. About two-thirds of buildings under development contain a residential component and more living units are on the way. Downtown saw the addition of Seattle s largest condominium complex in 2015, and several projects competing to be Seattle s largest apartment complex are on the horizon. In addition to extraordinary residential development, downtown is experiencing record levels of office investment. More companies are choosing to locate in our urban core as downtown is remaking the model for life and work in a major metropolitan area. Google is joining the expanding Amazon and Facebook presence in South Lake Union and several other major commercial projects are under construction. In fact, the downtown office market has strengthened enough that developers are once again beginning construction projects without announced tenants. Hotel occupancy, bolstered by a robust and growing tourism industry, remains high. Seattle hoteliers anticipate even more robust volumes of visitors in the future, and are planning more than six thousand additional rooms. Topping it off will be Seattle s largest hotel to date R.C. Hedreen s Hyatt Regency. Workers and residents are moving downtown for jobs, a convenient commute and amenities only available in a healthy, vibrant urban core. Developers are responding with an expansive building strategy. Together, they are driving a robust economy and construction boom expected to continue as more people discover downtown as an amazing place to live, work, shop and play. DEVELOPMENT GUIDE 10

12 Status of Downtown Development Projects As of June 2017 BY PROJECT TYPE Jan June 2017 Currently Under Demolition, Shoring Construction and Excavation Land Use Issued Pre-development Total All Projects Biotech/Medical Cultural Education 1 1 Hotel Hotel/Office 2 2 Hotel/Residential Industrial 1 1 Mixed Use/ Residential Office Office/Residential Residential Retail Transportation BY SPACE USAGE Jan June 2017 Currently Under Demolition, Shoring Construction and Excavation Land Use Issued Pre-development Total Apartment Units 3,061 8,880 2,194 2,160 13,357 29,652 Condo Units ,941 Residential Units (unknown type) Hotel Rooms 129 1,023 2,815 3, , ,121 6,818 Office Sq. Ft. 3,604,500 4,981,263 2,503,000 1,926,600 5,512,400 18,527,763 Biotech/Medical Sq. Ft. Retail Sq. Ft.* 65, , ,000 1,550,909 2,450, , ,826 67, , ,218 1,545,200 *Most retail is a component of other project types (e.g. residential, office). DEVELOPMENT GUIDE 11

13 Notes on Criteria Included in this report are downtown Seattle projects with structural components that have construction costs of $1 million or more (occasional exceptions to this criteria are made for some high-profile projects). Transportation projects are only included if they involve a building structure (infrastructure such as rail and roads are not included). Parks and significant building renovations are included. The geography used for this analysis is the area within downtown Seattle. The Downtown Seattle Association uses the following boundaries for downtown: South Lake Union to the north to South Lander Street to the south; Elliott Bay to the west and Broadway to the east. UPTOWN BELLTOWN WATERFRONT WEST EDGE SOUTH LAKE UNION DENNY TRIANGLE RETAIL CORE PIONEER SQUARE CAPITOL HILL FIRST HILL CHINATOWN- INTERNATIONAL DISTRICT SODO Definitions of Development Project Status Predevelopment Project has no land-use or construction permits issued related to a planned new building construction. Land Use Issued Project has land-use permits issued but not building construction permits. Permit activity determines project status. Note that the criteria changed in 2016 to allow for a more refined examination of projects by status. In order to ensure accurate reporting, please contact DSA before comparing this report s numbers to reports from previous years. Demolition, Shoring and Excavation Project has construction permits issued related to demolition or shoring and excavation to prepare for construction of a new building. Currently Under Construction Project has building construction permits issued and passed preconstruction and first ground disturbance inspections. Final inspections related to the building permits are completed. downtownseattle.org/devguide DEVELOPMENT GUIDE 12

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