Lots of news about the rental market this week, and not terribly consistent news, either. On the one hand, according to the Puget Sound Business Journal, vacancies are up, though they attribute the increase to new units entering the market. Meanwhile, median rents are up once again, across all the various places that calculate it.
Everybody who was worried that the news about Amazon’s hunt for a location to set up a second HQ spelled the end of the cushy Amazon-Seattle relationship can comfort themselves with the news that Amazon isn’t finished growing in Seattle. They already represented a significant portion of the office space tenancy downtown, and now they’ve signed a lease agreement for huge chunk of the Rainier Square project. I’m skeptical about the wisdom in facing the fragility inherent in being dependent on a single company by throwing in with that single company harder, but it is hard to say no to the opportunities Amazon offers.
At least if somebody other than Amazon wants to move in, they’re likely to have the space to do it. The Uptown/Lower Queen Anne rezoning passed, so the area will be eligible for taller buildings. Every neighborhood up for review so far has passed which is a promising trend both for increasing density in Seattle and putting the prospect of affordable housing on the horizon.