Seattle Centric: Employment Numbers, Investment Trends, and Lots of New Development

 

Happy Friday! It may be raining, but that can’t dampen our spirits–we’ve got all sorts of good Seattle news for you today. 

Washington State employment is down again!

Good news this week from the Seattle Times–Washington State unemployment fell again in April. The new figure, hitting right at 7%, has fallen half a percentage point since 2013 began–and it puts unemployment at the lowest it’s been in over four years. The figure also puts us a little ahead of much of the country–according to Washington State labor economist Scott Bailey, unemployment is “continuing to improve at a moderate but accelerating rate, somewhat faster than the nation.” And the numbers within Seattle are even better; April’s unemployment rate for the city was just 5.1%, down from 7.3% one year ago. Read more.

From Dupre+Scott: Apartment investors are serious about 2013

Have you checked out Dupre+Scott’s new weekly video update? This week’s video is about apartment sales. Last year, investors bought $2.5 billion worth of apartments last year, making it the third-highest volume year in our region ever. So how are sales stacking up this year? Dupre+Scott compared the first four months of this year with the first four months of last year to find out. And the numbers are great–sales for January through April are up 26% over the same period last year, while the dollar amount of those sales is up a whole 32%. The average sale price is up, too; check out the video for all the details.

Big changes ahead for Cap Hill’s Bauhaus block

According to the Puget Sound Business Journal, East Pine Street, on Capitol Hill, is about to get quite the facelift. The block, home of Bauhaus Coffee and Books, is the future site of a mixed-use project by Kirkland-based Madison Development Project. The project will incorporate some currently existing architecture, including the Melrose Building, and will feature 14,000 square fet of retail, as well as 180 apartment units and underground parking. Read more.

Rezone approved–so what’s next for South Lake Union?

The City Council has voted, and the results are in–taller buildings will be allowed in South Lake Union. So what will the changing face of the area look like? According to the Daily Journal of Commerce, nine projects were waiting on the approval–that includes 976 apartment units, 1.98 million square feet of commercial space, and a hotel. Of note are Equity Residential’s planned twin seven-story apartment buildings at 222 Fairview Avenue North, totaling 497 units, and Greystar’s seven-story building that  will house 279 units at 400 Boren Avenue North. Read more.