Seattle's real-estate prospects seen as HOT in 2017!
Once again, Seattle is among the hottest markets in the annual forecast of Emerging Trends in Real Estate by the Urban Land Institute and PwC. For 2017, Seattle ranks fourth in overall prospects among the markets to watch, behind Austin, Dallas-Fort Worth and Portland. It ranks first in investor demand as capital is expected to continue streaming here.
Spokane and Tacoma rank 71st and 72nd, respectively, out of 78 markets surveyed.
In homebuilding prospects, Seattle ranks 12th (context: San Francisco ranks 27th out of 78 markets). Raleigh-Durham, with a combination of demand and plenty of land for sprawl, ranks first.
The report states: “The fundamentals for the success of the Seattle market appear well established for another year. While the more traditional manufacturing sector may see some slowdown due to cuts in aerospace production, technology-related sectors of the economy are still growing rapidly.
“The Seattle technology industry is dominated by information technology firms focused on cloud computing and those focused on internet retailing. Tech hiring in Seattle has been so competitive that the average hourly pay rate for an IT worker is now $10 higher than the national average. The outlook for tech hiring remains strong as firms continue to locate to the market to take advantage of the proximity to industry leaders. This is evidenced by the increase in venture capital flows to the market over the past 12 months.