Seattle is set to witness a remarkable transformation in its property landscape by 2025, with a string of new homes and high-rise buildings that will reshape the city’s skyline and meet growing urban demands. Anchored by projects like Seattle House, featuring twin 45-story towers scheduled for completion in December 2025, the city is on the cusp of significant growth1. As part of a broader initiative to expand the Seattle property market, these developments offer innovative designs and strategic placements that promise to enhance urban living.
The Seattle new buildings 2025 vision is not limited to high-rise constructions but extends to ambitious mixed-use projects. Avalon Bothell Commons, for instance, is set to deliver 800 residential units alongside 8,000 square feet of retail space by September1. Additionally, Redmond Town Center is another notable project with 623 units, 25,000 square feet of retail, and more than 600 parking spaces, aimed at boosting the real estate landscape in surrounding areas1.
These developments are a response to the vibrant Seattle job market that expanded by 6.0% in the 12 months leading up to July 20221. They aim to cater to the housing needs precipitated by this job surge, with over 150,000 apartment units planned and nearly 800 individual apartment developments in the current pipeline2. Evidently, the Property Developments Seattle plan embodies a forward-thinking approach to urbanization, bringing both residential and commercial growth to the fore.
Key Takeaways
- Seattle’s property developments in 2025 include high-rise and mixed-use projects poised to redefine urban living.
- Key projects like Seattle House and Avalon Bothell Commons highlight the city’s growth trajectory.
- Seattle’s job market expanded by 6.0%, fueling demand for new housing and commercial spaces1.
- Over 150,000 apartment units are planned in the Seattle area2.
- These developments seek to address both residential and commercial expansion needs throughout Seattle.
The One Seattle Comprehensive Plan Update
The One Seattle Comprehensive Plan Update, initiated under Mayor Harrell’s administration, outlines a transformative vision for urban living in Seattle. This comprehensive plan targets not only affordability but also enhances livability and housing capacity within the city.
Mayor Harrell’s Vision for Affordability
Mayor Harrell’s housing policy emphasizes creating affordable housing options for various socio-economic backgrounds. The plan proposes the increase of zoning capacity to over 330,000 new units, more than doubling the city’s existing housing capacity3. This ambitious policy aims to make Seattle a model urban environment with diverse and inclusive neighborhoods.
Increasing Housing Capacity to 330,000 Units
A major element of the One Seattle Plan is to significantly increase the city’s housing capacity. From an increase of 16,000 to 94,000 units of middle housing, which will account for a quarter of the overall capacity3, to targeting the creation of 37,000 new homes along frequent transit routes3, every aspect is designed to accommodate Seattle’s growing population. Additionally, the plan designates 30,000 new homes in 30 Neighborhood Centers across the city, ensuring access to essential services and amenities3. Furthermore, the proposal aims to create 30 new Urban Centers and expand the boundaries of existing urban centers3.
Creating Livable Communities
Creating livable communities is central to Mayor Harrell’s housing policy. The One Seattle Plan allows corner stores throughout Neighborhood Residential areas to support small businesses and foster community growth3. Another focus is the preservation of green spaces with updated tree planting requirements in Neighborhood Residential Zones to encourage larger tree species. Waiving parking requirements to preserve existing trees is another innovative measure to enhance the city’s livability3. Moreover, the plan includes funding for a supplemental environmental impact statement to identify new housing opportunities in regional and urban centers3.
New Zoning Changes in Seattle
Seattle’s latest zoning adjustments are set to significantly reshape the urban landscape. These Seattle zoning changes focus on promoting cohesive growth, enhancing public transit access, and fostering sustainable development. By introducing new Neighborhood Centers Seattle, the city aims to create hubs of activity that support local businesses and improve community connectivity.
Introduction of Neighborhood Centers
The revised growth strategy now proposes an increase in the number of neighborhood centers from 24 to 30, with new additions including North Magnolia, High Point, Hillman City, mid-Beacon Hill, and upper Fremont4. This clustered approach is designed to build vibrant, self-sufficient communities with a mix of residential and commercial spaces. The core idea behind Neighborhood Centers Seattle is to create localized areas where residents have easy access to essential services, reducing their need to travel long distances for daily necessities.
Expanding the Urban Centers
Another key element of Seattle zoning changes is the expansion of existing Urban Centers. By allowing at least four homes on every residential lot and six within a quarter mile of major transit stops, the city plans to double its theoretical zoning capacity from 167,000 to 330,000 new homes4. This measure is aimed at alleviating the housing crunch by fostering higher density developments in specified areas. Urban Centers expansion is also expected to stimulate economic activity by attracting businesses to these newly densified zones.
Prioritizing Areas near Frequent Transit Routes
Zoning changes in Seattle also prioritize development along frequently used transit routes. The city’s investment in Transit-Oriented Development (TOD) is set to promote higher-density, mixed-use projects near public transportation hubs5. Homes near transit hubs tend to sell faster and offer greater convenience for residents, making them highly sought after5. This strategic emphasis will not only enhance urban density but also improve accessibility and reduce carbon footprints through increased use of public transit.
Moreover, the city’s growth strategy includes the introduction of House Bill 1110 (HB 1110) and House Bill 1337 (HB 1337), which aim to loosen zoning restrictions and make it easier to build multi-family homes and add Accessory Dwelling Units (ADUs)5. This is expected to foster more inclusive and diverse communities by accommodating a variety of housing needs.
To learn more about the updated growth plan and its implications, visit the official article for in-depth information5.
Recent Real Estate Development Projects
Seattle’s real estate market continues to evolve with several impactful developments aimed at enhancing residential options and catering to varied housing needs. These projects highlight the region’s commitment to growth and modernization.
The Legacy at University Place
The Legacy at University Place epitomizes sophisticated garden-style living in Seattle. This development aims to provide residents with a serene environment while being close to urban amenities, reflecting the essence of real estate development Seattle is known for. With various planned amenities and modern infrastructure, this project is set to become a staple in the neighborhood, offering quality residential units for a balanced lifestyle.
The Eastline Apartments in Redmond
Situated in the bustling city of Redmond, The Eastline Apartments bring luxury accommodations to the forefront of the housing market. Featuring high-end finishes and amenities, these apartments are designed to cater to both professionals and families seeking contemporary living spaces. This development is strategically positioned to attract those working in tech hubs and is a prime example of the region’s expanding housing inventory, akin to developments like the 1200 Stewart and The Rise on Madison projects in Seattle6, as well as multifamily units diversified across various cities7.
Copal Apartments in Bellevue
Copal Apartments in Bellevue represent state-of-the-art residential facilities featuring advanced amenities and thoughtful design. This project aims to meet the growing demand for high-quality residences in Bellevue, akin to developments like the Avenue Bellevue project, which includes luxury condos and expanded urban retail spaces6. By focusing on innovative and contemporary design, Copal Apartments blend modern aesthetics with practical living solutions, setting a new standard in the regional housing market.
The expansion seen with these projects such as The Legacy at University Place, Eastline Apartments, and Copal Apartments is an indication of a diversified and growing housing market in Seattle and neighboring areas showing impressive growth6. As real estate development in Seattle continues to thrive, these efforts underscore the city’s ability to cater to a wide array of residential needs, offering both luxury and affordability7.
Property Developments Seattle: Opportunities and Challenges
Seattle property development presents a blend of significant opportunities and complex urban redevelopment challenges. The city’s strategic geographic location and growing population fuel high demand for real estate opportunities in Seattle. According to the latest reports, Seattle ranked among the top U.S. metros for office deliveries in 2023, with nearly 3 million square feet delivered. This trend is complemented by 6.9 million square feet of ongoing office developments in the city as of April8. Such data underscore the dynamic nature of real estate opportunities in Seattle.
Moreover, notable projects such as the Bellevue 600, which will add more than 1.5 million square feet of office space and support over 7,000 employees, exemplify the city’s investment in substantial infrastructure8. However, developers face urban redevelopment challenges including regulatory hurdles and market fluctuations. For instance, 30% of units at GMD’s Rainier Valley building remain unoccupied, marking a “super-high” vacancy rate distinct to Seattle properties9.
The demand for residential spaces is equally impressive as Seattle’s housing market boasts a Sales Activity Intensity™ of 51.7%, indicating that over half of homes are sold within 30 days. This figure reflects the high competition and attractiveness of real estate investments in the area10. Adding to this, the average sale price for residential homes in Seattle is $976,366, with a sales-to-list price ratio of 99.3%, underscoring the robust housing market10. Despite these favorable numbers, developers are working within the constraints of geographical limitations, zoning laws, and cost-intensive construction processes that impact the supply of housing8
Rental prices in Seattle have increased by 8.3% year over year, which makes buying a more appealing prospect for long-term residents10. However, there are economic challenges; for instance, GMD’s Rainier Valley project, despite receiving $60 million in financing through private capital and federal programs, incurred a $2 million loss in 20239. This situation highlights the financial risks and uncertainties that can accompany urban redevelopment projects.
Understanding these factors, predictions for the next decade suggest a shift in buyer preferences towards larger spaces and a focus on sustainable and smart housing as described in recent trends8. These movements indicate a continued evolution in the landscape of Seattle property development, while also striving to address urban redevelopment challenges.
Developers and policymakers must align their efforts to overcome these obstacles and tap into real estate opportunities in Seattle. By addressing both supply constraints and accommodating the growing demand, Seattle’s property market can aim for balanced, sustainable growth. And with significant future projects like the Spring District in Bellevue, which will add 3.3 million square feet across 19 buildings by 2028, the city’s real estate horizon looks promising8.
Mixed-use Developments and Urban Redevelopment Projects
The landscape of Seattle urban redevelopment is undergoing significant transformation with the integration of mixed-use development Seattle projects. These developments adeptly combine residential, commercial, and leisure spaces, creating vibrant communities that ease accessibility and enhance living standards.
Transit-Oriented Developments
Transit-oriented development is a key focus in Seattle, aiming to position urban infrastructure within walking distance of public transit hubs. This strategy reduces reliance on personal vehicles, consequently lowering carbon footprints and promoting a greener urban setting. Notable projects like the 800 Alaskan project, a 17-story mixed-use building in Seattle’s waterfront district, are exemplary in this initiative11. Similarly, the 3rd and Lenora project, a 36-story mixed-use building, incorporates luxury apartments, office spaces, and amenity spaces for residents11.
Live-Work Spaces and Community Amenities
Modern mixed-use development Seattle projects are designed to meet the growing demand for live-work spaces and extensive community amenities. The 8th & Republican project stands out in this category, featuring 211 apartments, a photographic equipment showroom, and a neighborhood café, alongside recreational areas like a rooftop sunset deck and a public courtyard, skillfully blending public and private spaces8th & Republican. This design strategy not only fosters a sense of community but also efficiently utilizes urban space11.
Environmental Considerations
Environmental sustainability is a cornerstone of Seattle urban redevelopment projects. The 400 Westlake project exemplifies this focus, aspiring to be one of the greenest buildings of its size globally when completed in winter 202211. Furthermore, the High Point Redevelopment Project utilized a $550 million budget to transform the area, including $285 million in private investment, emphasizing green infrastructure with features like rain gardens, native plantings, and porous pavers to promote stormwater management12. Through these innovations, Seattle’s urban developments are paving the way for a greener, more sustainable urban future.
Affordable Housing Initiatives
Seattle’s dedication to affordable housing is reflected in various initiatives aimed at expanding accessible housing and curbing displacement within the city. These efforts are crucial as the city anticipates significant population and job growth in the coming decades.
Affordable Housing Bonus
The Affordable Housing Bonus program provides significant incentives for developers to include affordable units in their projects. Density bonuses for affordable ownership and rental housing projects in unincorporated King County range from 1 to 1.5 bonus units per benefit unit for rental housing and 0.75 to 1.5 bonus units per benefit unit for ownership housing13. For projects that are 100% affordable, the density bonus allows building up to 200% above the base density13, making it an attractive option for developers aiming to contribute to Seattle affordable housing.
Expanded Mandatory Housing Affordability (MHA) Program
The Mandatory Housing Affordability (MHA) Program in Seattle requires developers to either include affordable housing units in their projects or contribute to a city fund dedicated to building affordable housing13. This approach ensures a steady increase in the number of affordable homes available while leveraging private sector investments. Bellwether Housing, a key player, serves 6,000 residents annually and plans to double its portfolio to meet the urgent need for more affordable housing in Seattle by 202514. Their collaborative efforts focus on creating housing close to essential amenities such as public transit, workplaces, schools, childcare, parks, and libraries, significantly enhancing the quality of life for lower-income residents14.
Anti-Displacement Strategies
Seattle is also focused on housing displacement solutions through various anti-displacement strategies. Given that 77% of the lowest-income households and 50% of those earning between 50% and 80% of the Area Median Income (AMI) are cost-burdened15, these strategies are more necessary than ever. Tenants with disabilities, for instance, can request reasonable modifications and accommodations to housing, potentially benefiting from financial assistance through programs like the King County Housing Repair Home Accessibility Modification Grants13. Furthermore, fair housing laws protect tenants from discriminatory practices, ensuring that all residents can find stable, affordable housing13.
In summary, Seattle’s multifaceted approach, encompassing the Affordable Housing Bonus, the MHA Program Seattle, and robust anti-displacement strategies, align to create sustainable, inclusive communities. These initiatives aim to provide comprehensive housing displacement solutions, ensuring that as Seattle grows, it remains a place where everyone can afford to live15.
Impact on Seattle’s Real Estate Market Trends
Recent developments and zoning changes have immensely impacted the Seattle real estate market trends. The high demand for properties in tech-influenced areas like Bellevue and Redmond continues to drive property values upwards16. The median sale price for homes in Seattle as of July 2024 is $880,000, representing a 10% increase from the previous year17. This surge in home prices creates significant property investment opportunities Seattle for those looking to capitalize on the market’s growth.
Moreover, the COVID-19 pandemic has stimulated interest in suburban living, making neighborhoods such as Shoreline, Lake Forest Park, Edmonds, Burien, and Lynnwood more popular1618. Buyers are increasingly seeking homes with more space and dedicated office areas for remote work18. This shift in buyer preference significantly influences market dynamics and property investment opportunities Seattle.
Despite the market’s competitiveness, homes spent an average of just 12 days on the market in 202417. However, rising mortgage rates and economic uncertainties have led to a moderation of the previously rapid market activity18. This moderation aligns with a slight decline of 1.24% in home prices in the latest quarter, indicative of a market correction rather than a significant drop17. Nevertheless, the overall market remains robust, as evidenced by the city’s impressive 98.36% appreciation rate over the past decade17.
Infrastructure improvements, such as the expansion of the light rail system, play a crucial role in boosting property values in connected suburbs16. Consequently, the demand for mixed-use developments that blend residential, commercial, and recreational spaces is rising, driven by their convenience and community appeal16. Additionally, the emphasis on sustainable and energy-efficient homes, which are increasingly popular among buyers, impacts property prices and investment strategies1618.
Regulatory changes related to zoning, development, and taxation can greatly impact the *Seattle real estate market trends*, affecting buyers, sellers, and investors16. As the market evolves, staying informed and partnering with seasoned professionals will be key for those navigating these property investment opportunities Seattle.
Residential Building Projects: Focus on Families
The focus on residential building projects in Seattle aims to address the specific needs of families by introducing various middle housing solutions, family-sized units, and essential neighborhood amenities. Seattle’s Comprehensive Plan includes strategies to allow new types of family housing Seattle, expanding options for residents across all neighborhoods. By implementing middle housing initiatives, the city aims to provide diverse and affordable housing options.
Middle Housing Solutions
Middle housing initiatives are integral to Seattle’s strategy for improving residential building projects. These initiatives include the development of duplexes, triplexes, fourplexes, and backyard cottages in certain areas, thereby addressing housing shortages19. By allowing multiple dwellings on smaller parcels through Neighborhood Residential Small Lots zoning, Seattle promotes diverse housing options while also preventing displacement19.
Family-Sized Units and Homeownership Opportunities
Ensuring that families have access to appropriate housing is crucial for creating livable communities. As part of ongoing residential building projects Seattle, family-sized units are being prioritized to accommodate the needs of growing families. Blake House, for instance, offers 112 studio apartments for seniors and veterans while also including three live-in staff apartments, supporting lower-income working individuals and families20. Blake House is the first affordable high-rise building in Seattle in over 50 years, marking a significant milestone in the city’s commitment to family housing Seattle20.
Neighborhood Amenities and Conveniences
Enhancing neighborhood amenities is integral to creating complete, walkable neighborhoods. For instance, Blake House is conveniently located near transit lines, providing residents with easy access to public transportation options crucial for daily commutes and education needs20. Moreover, the property includes retail space on the ground floor, contributing to the local economy and increasing convenience for the residents20. Parks and recreation areas such as Discovery Park and Green Lake Park offer families excellent outdoor activity options, further bolstering community well-being19.
Commercial Property Developers in Seattle
Seattle’s commercial real estate landscape is thriving, with notable activities from significant players in the industry. One of the leading names in this domain is Legacy Partners, renowned for their strategic expansions and innovative projects across Pierce County and beyond. As we delve into the activities of these developers, it becomes evident how their efforts are shaping the evolution of Seattle’s real estate market.
Legacy Partners’ Expansion in Pierce County
Legacy Partners continues to make considerable strides in Pierce County, with plans to enhance the region’s commercial infrastructure. Known for their emphasis on creating sustainable and high-performance living spaces, these projects aim to offer significant returns on investment while ensuring environmental responsibility. Legacy Partners real estate initiatives in this area are geared towards fostering vibrant communities and boosting the local economy.
Investment Opportunities for Developers
The real estate market in Seattle is ripe with opportunities for developers, driven by rising demand and strategic urban planning. Urban Visions, a commercial property developer in Seattle, focuses on sustainable development and smart growth, promoting responsible development practices. Their philosophy of “Build Up, Not Out” reflects a dedication to creating impactful investments that align with modern urban needs21. For those interested in real estate investment in Seattle, there are ample chances to capitalize on market trends and demographic shifts.
Future Growth Prospects
The future growth prospects in Seattle’s commercial real estate market look promising, with several key developments on the horizon. Clise Properties, for instance, owns and manages over 2.3 million square feet of property throughout the Puget Sound region and continues to expand its footprint22. With a business history spanning over 132 years, Clise Properties demonstrates a deep-rooted presence and commitment to the Seattle market, ensuring sustained growth22.
Another significant player, CBRE, has facilitated notable transactions, such as the sale of LogistiCenter @ Oxbow for $81.5 million and the USA Parkway Distribution Center for similar substantial amounts23. These transactions highlight the growing investor interest in Seattle’s commercial real estate sector, offering lucrative prospects for those keen on real estate investment in Seattle.
New Construction in Seattle: What’s Next?
With new construction in Seattle at the forefront of urban development, several key projects and strategic planning adjustments are shaping the future landscape.
Upcoming Projects and Timeline
Seattle has made significant strides, producing 6,500 new apartments in the first half of 2024, surpassing the 2019 achievement of 5,900 units and nearly matching the 6,600 new units built in 202324. The construction of the new waterfront, however, faces delays until 2025 due to COVID-19 impacts and concrete delivery shortages25.
Future Zoning and Planning Adjustments
Seattle zoning adjustments are playing a crucial role in evolving the city’s infrastructure. Current forecasts show new applications for apartment permits are on pace for only 1,800 units in 2024, signifying steady but cautious progress24. The design review process in Seattle has become longer and more complex, potentially deterring investment and causing project delays24.
Community Engagement and Feedback
Community engagement in Seattle development is imperative to ensure the evolving landscape meets residents’ needs. Initiatives like the Sloane project, which allocates 20% of its units for renters earning between 60% and 85% of area median income (AMI), emphasize affordability and inclusive growth24. The collaborative approach integrates community feedback into new construction Seattle, adapting projects based on collective input.
Projects | Details | Completion Date |
---|---|---|
Seattle Apartments | Produced 6,500 new units by mid-2024 | 2024 |
Waterfront Construction | Delayed due to various impacts | 2025 |
Sloane Project | 20% units for low to moderate income | Ongoing |
Conclusion
As we wrap up our exploration of Seattle property developments, a comprehensive overview reveals a dynamic landscape brimming with potential. The future of Seattle real estate is marked by ambitious projects, strategic zoning changes, and a strong commitment to affordability. By expanding housing capacity and introducing innovative mixed-use developments, Seattle is not only catering to present needs but also anticipating future demands.
One standout statistic underscores Seattle’s leadership in multifamily projects among West Coast cities, boasting over 7,200 units under construction, which doubles Los Angeles’ 3,500-plus units26. This impressive growth is further evidenced by Seattle’s downtown area, which was the fastest-growing large city in the U.S. from July 2021 to July 2022, gaining over 5,500 residents and contributing 32% to Seattle’s population growth26. Meanwhile, strategic reforms in design review processes by the Seattle Department of Construction & Inspections (SDCI) aim to streamline development, making it easier and more predictable for projects to get off the ground, thereby enhancing housing production and affordability27.
In summary, the various property developments and strategic initiatives we’ve discussed not only enhance Seattle’s urban environment but also strengthen its commitment to vibrant, equitable community growth. By focusing on transit-oriented developments, environmental sustainability, and affordable housing, Seattle sets a high standard for urban development, ensuring a promising future for its real estate market. This city continues to attract residents and investors alike, solidifying its reputation as a leading hub in the future of Seattle real estate26.
FAQ
What are some expected property developments in Seattle for 2025?
Seattle is projected to feature innovative residential and commercial properties enhancing the city’s skyline, including new homes and buildings designed for modern urban living.
What does Mayor Bruce Harrell’s One Seattle Comprehensive Plan Update entail?
The plan focuses on affordability and increasing housing capacity to 330,000 units. It also includes zoning changes and strategic upzoning to create diverse, inclusive neighborhoods equipped with essential amenities.
How will the new zoning changes in Seattle impact urban development?
The changes will introduce Neighborhood Centers, expand existing Urban Centers, and prioritize development along frequent transit routes to increase community connectivity and accessibility to public transportation.
Can you name some recent pivotal real estate development projects near Seattle?
Notable projects include The Legacy at University Place offering garden-style living, The Eastline Apartments in Redmond for luxury accommodations, and Copal Apartments in Bellevue with state-of-the-art facilities.
What opportunities and challenges are present in Seattle’s property development landscape?
Opportunities include strategic geographic placement and rising demand, while challenges encompass regulatory hurdles and market fluctuations.
What are mixed-use developments, and how are they being utilized in Seattle?
Mixed-use developments integrate residential, commercial, and leisure spaces, often around transit hubs to boost convenience and reduce carbon footprints. These projects are designed to meet modern urban demands and prioritize sustainability.
What initiatives are in place to support affordable housing in Seattle?
Initiatives like the Affordable Housing Bonus and the expanded Mandatory Housing Affordability (MHA) Program aim to increase accessible housing stock and mitigate displacement while maintaining community integrity.
How are recent developments and zoning changes affecting Seattle’s real estate market trends?
These changes are influencing trends such as rising property values, shifting investor focus, and evolving demographic demands, which collectively impact market dynamics and investment potential.
What residential building projects are tailored for families in Seattle?
Projects focus on middle housing solutions, larger family-sized units, and incorporating essential neighborhood amenities to enhance livability for growing families.
Who are some major commercial property developers in Seattle?
Legacy Partners is a prominent developer known for their expansion activities in Pierce County and their strategic projects aligning with market trends and demographic shifts.
What are the expected new constructions in Seattle, and what is the importance of community engagement?
Upcoming projects and potential zoning and planning adjustments emphasize community engagement and feedback to ensure developments meet residents’ current and future needs.
Source Links
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