Pacific Northwest Real Estate Investment Market Report: Feb. 2020
What is Geotechnical Engineering? Geotechnical engineering, also known as geotechnics, soil testing, or soil analysis, is the evaluation of the earth’s components before starting a construction project. Most examinations include surface and subsurface exploration, soil sampling, and laboratory analysis.
What is its significance with construction projects? The characteristics and quality of your soil play a vital role in how a building is constructed. It’s best to have a professional analyze the soil before any construction begins to determine if it’s suitable for your project.
Learn moreMarket Activity
Facing commute challenges, large tech companies are motivated to grow their workforce in Seattle’s South Lake Union neighborhood and the Eastside. The Sound Transit’s Link light-rail expansion will connect the Eastside and downtown Seattle in 2023, leading developers to focus on major apartment projects near the future stations across the metro. At the end of 2019, the pipeline had over 18,000 units in progress.
Market Activity
Rental demand is booming due to a healthy job outlook and growing economy this year — young professionals are intrigued by the lower cost of living in comparison to other West Coast metros. Developers are motivated to boost the apartment inventory as the market contends with a shortage of housing due to many residents choosing to lease instead of buying. At the beginning of 2020, there were more than 9,000 units underway.
Market Activity
AI’s Sporting Goods announced they will be opening a new 30,000-square-foot location in Idaho Falls. It’s expected to open in September 2020 and bring 75-95 new jobs. Vacancy rates have remained stable. The retail sector is especially tight at just under 5%. In Treasure Valley, the average office asking rates jumped $0.54 in 2019. This is expected to continue through 2020.
