Posted by: phillipsre | June 18, 2015

High Rises are Still on the Rise

buildingDevelopers have more than 18,000 apartment units under construction in King County, with most of them in Seattle, according to Dupre+Scott Apartment Advisors. This article from the Seattle Times discusses how high-rises in Seattle are continuing to go up. Research shows that there will be more than 7300 more apartments units in the Seattle area by 2017. Developers are moving towards building “vertical neighborhoods” which have a variety of amenities inside the buildings, like movie and club rooms and roof top terraces. The target is towards Millennials’, whose  tastes and budgets are driving the shift toward demand for high end rentals. Downtown rentals are more affordable for Millennials to get the lifestyle they’re looking for. Additionally, on the developers side, developers prefer to build apartments over condos because condo prices aren’t high enough to justify new construction costs. For the full article and more details on the rise of high rises, click here.

 

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