Amazon Remaking Seattle in Its Own Image

Tech Giant's Continued Growth Will Benefit All Property Types in Downtown Seattle

 

By: Joseph Sollazzo, Real Estate Economist with CoStar Group
The Amazon effect typically refers to the online retail giant’s global influence on retail and supply-chain dynamics. But more locally, it is also remaking the physical and demographic landscape of downtown Seattle.

Amazon has been at the center of the region’s tech boom and its growth has drawn migration to the urban core. From 2000 to 2012, the population of downtown Seattle grew by more than 26%(1), compared to 17% for all of Seattle and only 14% nationally.

Younger folks are driving much of this growth, as the downtown population aged 25-44 has grown four times faster (28%) than the metro average. With its estimated local workforce of 18,000 and potential to expand by an additional 22,000 over the next five years(2), the ramifications of Amazon’s expansion for the local CRE markets are acute.

 

Read the entire article at: http://www.costar.com/News/Article/Amazon-Remaking-Seattle-in-Its-Own-Image/158886