Seattle is a city that has experienced a rapid rise in the 21st century. Considering it has become a center of commerce, particularly in the digital age, the economic boom has fueled the city’s prosperity. The home of massive corporations like Starbucks, Amazon, and Microsoft, Seattle is a city where opportunities seem abundant. The result of this economic growth has been a population surge and an increase in the pricing of real estate. The consequence of it, however, has been a shortage in housing.
According to a report by KUOW, since 2010, the number of jobs in Seattle has increased by 30%. In that same period, however, the number of available homes in Seattle went up by only 10%. The supply of homes is unable to match the growing population, which drives prices up while forcing those without upper-class level money out of the city. A solution to this is vertical housing like skyscraper condominiums within the city limits, which provide high numbers of available living units.
“Some of these new skyscrapers will offer over 1,000 new homes…”
There are many of these skyscrapers undergoing construction in Seattle, which will provide more available homes to the city’s residents. By building vertically, the city maximizes the number of homes that can be provided in a smaller area. Some of these new skyscrapers will offer over 1,000 new homes, which could have a large impact on the market.
There are many examples of new skyscrapers under development that will add a ton of residential units to the city. One that is projected to be finished in 2021 is the 8 Tower. The 8 Tower will be located in Seattle’s Denny Triangle neighborhood and is going to be a 42-story high rise that will have between 350 and 450 residential units. With amenities like multiple lounges, a dining area, and a fitness center, the 8 Tower is likely to attract many Seattle professionals looking to live near the business district.
A building that will be providing even more living units for the city will be 1200 Stewart Street. Located on the Northeast corner of the Denny Triangle area, this multi-building behemoth is comprised of two 47-story residential towers. These two towers will house over 1,000 housing units in their sleek buildings which are set on top of 3 stories of commercial space that stretch across a block. The buildings are projected to be finished construction in either late 2021 or early 2022 and will add a huge luxury living space to Seattle.
With housing in short supply in the economically thriving city, the city must continue to build vertical options for those looking in the condominium market. These massive high-rises add great living spaces for people in varying socioeconomic situations and are sure to make a positive impact on increasing the housing supply. This will in turn stabilize prices in the city, and help Seattle continue its positive trajectory as an extremely livable city.