The 2022 Martin Selig Outlook: Our predictions for the 2022 commercial real estate market
2021 was a great year for Martin Selig Real Estate. As we look forward to 2022, we caught up with Jordan Selig to hear her outlook on the year ahead.
Question: What are your predictions for the future of the Seattle commercial real estate market for 2022?
Answer: My prediction for 2022 is that Seattle’s commercial real estate market will continue to recover. We are seeing signs of that already, and I believe the momentum will only build over the course of 2022. I like to look at national and international trends to be able to better understand what we see in Seattle and make predictions for the Seattle region. We see that some cities are a few steps ahead of Seattle in terms of recovery, whereas others are a few steps behind. But we are all recovering. In the long-term, I think this shift in work culture will turn out to be very good for people and the built environment. More on that later…
Question: What are some projects (both new and ongoing) MSRE has coming up in 2022?
Answer: Building out office tenant spaces at Federal Reserve Building and Third & Lenora. Putting up the curtain wall and completing the shell & core at 400 Westlake. Finishing up “The Modern” apartments and starting to (pre-)lease and move-in residents! We are probably not breaking ground on any new buildings in 2022, but hopefully in 2023! We are fully permitted on 401 QA, 3031 Western and 800 Alaskan so we’ll break ground when the time is right.
Question: How is leasing activity and what do you see for the demand of office space this year?
Answer: Activity is picking up, slowly but surely. We see that already. I foresee that the demand for office space in Seattle and beyond will only increase this year.
Question: What are some of the company goals you’d like MSRE to accomplish this year? What are some specific things MSRE is doing this year to increase/ensure client/tenant satisfaction?
Answer: Of course, I’d like to lease up all our space and complete all ongoing construction. Additionally, I’d like to continue to be responsive to the individual needs and desires of our tenants. Now more than ever, it’s important that we make our buildings attractive and desirable. My goal is for every person who works in a Selig building to be excited about going into the office every day. We’re placing a big focus on beautiful and innovative shared amenity spaces in every one of our buildings, high-quality and service-oriented ground-floor retail, as well as personalized day-to-day tenant relations and management.
Here’s to a terrific year!