The 2020 Selig Outlook: Looking Ahead into What’s Possible for the Seattle Commercial Real Estate Market
Our predictions for the 2020 commercial real estate market and some construction milestones MSRE will reach this year
We’re pleased to say that 2019 was a banner year for Martin Selig Real Estate. In 2019, we topped out the Federal Reserve Building and Third & Lenora, and upgraded 1000 Second Avenue to exceed standard LEED energy requirements. We opened our first mixed-use development in Ballard at 15th & Market. We even made headlines with a feature in Bloomberg about our past, present and future.
We’re not resting on those successes.
MSRE is taking this momentum into our 52nd year with focus and foresight – qualities our company is proud to possess including innovative breakthroughs designed within our ongoing developments, and groundbreaking on new development projects. We have big plans and are excited to share a look ahead at what this year and the next decade may have in store.
2020 Trend Line: Increased Demand for Office Space
As we work through the first quarter, we remain confident in the opportunities of 2020. Seattle is the decade’s fastest-growing major city and is regularly ranked in the top 10 commercial real estate markets. These trends are driving increased interest from out-of-town investors eager to capitalize on these trends.
As a result, we expect sales velocity and volume to increase further and are expanding our regional portfolio to meet demand. MSRE has 33 commercial properties downtown and is one of the only developers building large office properties without signed leases in place.
New Square Footage on the Horizon
We are reimagining Seattle’s skyline and the waterfront after the removal of the Alaskan Way Viaduct.
Here’s a look at MSRE projects in progress:
Our partners at Lease Crutcher Lewis and Perkins + Will have helped us convert the 1950 historic landmark Federal Reserve Bank into one of the most iconic new spaces in the Commercial Business District. We’ll complete construction this summer.
The shell and core of our largest Belltown property to date will be finished this summer, and work on the building’s interior, including state-of-the-art design and upscale finishes – begins in the fall. When done, the project will put five levels of underground parking and more than 500,000 square feet of residential and office space on the market just two blocks away from Amazon’s downtown headquarters.
Later this summer, we break ground on this luxury apartment building, our first foray into residential real estate.
The development of this building begins in the fall, creating a completely new, contemporary, centerpiece for the neighborhood. The property’s mix of public, retail, residential and office space totals more than 500,000 square feet.
Our renovation of the historic Firestone Tire Building, the greenest office building of its size in the world, is underway. Work on the foundation will be completed soon, then we begin construction, preserving important architectural elements as we take this development to new heights.
“As the market grows, Martin Selig Real Estate grows too,” said Jordan Selig, the firm’s executive vice president. “We stand behind our full-service capabilities and continue to train from within to maintain our high standard performance. We’re going above and beyond to meet the needs of the rental world in every step of the process. From first-class design and the highest-quality construction to high-touch management, we continue to stay at the forefront of shaping Seattle from the ground up.
Here’s to a terrific year!