Seattle is HOT! Well okay, we still have our umbrellas by the door, but one thing’s for sure – the city is experiencing a great deal of growth! In fact, industry estimates suggest that in in 20 years, Seattle will have 120,000 more people, 115,000 more jobs and 70,000 more households. So much growth is expected, that the city is working through its Seattle 2035 plan now to ensure its old and new residents still enjoy the Seattle that they’ve come to love and expect.

It’s no surprise then, that the Urban Land Institute and PwC have ranked Seattle number 8 overall on its annual list of Emerging Trends in Real Estate.

So what makes the so often cloudy Seattle so hot?

Major Brands Make Their Home Here

A large number of major companies have recently announced moving here. The Seattle Times reported in April that Expedia would make Seattle its new home. And the Puget Sound Business Journal reported in March that Alibaba was 'likely' to choose Seattle for its U.S. headquarters. And let’s not forget that Seattle is already home to a number of major public companies, including Nordstrom, Amazon and Starbucks.

Job Growth

The Bureau of Labor and Statistics reports that the Seattle/Tacoma/Bellevue area had an unemployment rate of 5.1 percent in the fall. And The Seattle Times reported that “statewide employment grew 2.8 percent in 2014, and is predicted to expand by 2.3 percent in 2015.”

Let’s also not forget Seattle is leading the way in the minimum wage increases, with raising its minimum wage to $11 last month, with plans to increase to $15 by 2021.

Full Buildings and New Construction

Industry research shows that Seattle has one of the lowest industrial vacancy rates at 5.4 percent, with only Orange County, Calif., Los Angeles and Miami ahead. And according to the Seattle Post Intelligencer, by the end of 2014, Downtown Seattle had nearly $3.5B of total construction projects. According to the DSA, in 2014 there were 31 projects completed – with 56 projects under construction (all in downtown Seattle).

It's a Sellers’ Market

All of these new companies coming in, new construction and job growth have created a sellers market. Redfin reports that Seattle is seeing the lowest inventory of homes for sale - ever. In fact, as of March 2015 the average home price was up nearly 8% from a year ago, with a 30% increase in listings during that same time period. The amount of listings may have steadily increased over the last year, but inventory is plummeting, with a 23.6% drop from March 2014 to March 2015. The for sale signs may be going up at a record pace, but they are coming down equally as fast. Warmer weather only helps to amp up the real estate game, and with the way this summer has gone so far, things will definitely only get hotter. 

Seattle Just Plain Rocks

You already know that Seattle is home to some pretty well known food and beverage companies, Starbucks anyone? But what you might not know is that the restaurant scene is booming. Even President Obama has to swing through the city to get his donut fix at Top Pot doughnuts.

There are countless websites dedicated to the Seattle food scene, from Eater Seattle to Thrillist Seattle. And in the wake of the new minimum wage increases, many entrepreneurs and investors are planning new restaurants. While at a restaurant summit in March, entrepreneur Molly Moon Neitzel explained  - “By the end of the seven year phase-in, there will $400 million more in this city’s workers pockets. They will inevitably spend more on going out to eat.”

Let's not forget, Seattle isn’t just a home for foodies. The Seahawks, Mariners, Sounders and Storm all call this beautiful city home. With Safeco Field, a Superbowl win, and world class fans, Seattle is an incredible place to catch a game, regardless of your sport of choice.

Finally, how can you talk about Seattle without mentioning the alluring scenery Washington offers? Seattle is 45 minutes away from any part of nature you fancy; spacious skies, amber waves of grain, purple mountain majesties and shining seas. The astounding diversity and natural beauty that is all within striking distance of Seattle is downright unparalleled.

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