Seattle is famous for its skyline, with its Space Needle one of the most recognizable landmarks in the world.
The Pacific Northwest city has seen significant growth, however, and that skyline has “completely transformed, even in the last 10 years,” according to Moira E. Holley, a co-founder of Realogics Sotheby’s International Realty in Seattle.
SPIRE, a new condominium tower Realogics Sotheby’s International Realty is representing, will rise 41 stories in Belltown, between the Space Needle and downtown Seattle. It isset to bring more than 330 units to the area by December 2020.
It’s just one of a number of high-profile construction projects, Holley says. Seattle’s skyline is dotted with 59 construction cranes—the highest number of any U.S. city, according to the January Crane Index from construction analyst Rider Levett Bucknall. In total, it’s estimated that 27,000 housing units will be delivered in the current decade, in what’s become the fastest-growing large city in the U.S. “The challenge with this supply is that 93% of it was purpose-built for rent and not for sale,” adds Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “Home buyers are eager for a next-generation condominium product so they can own their slice of the expanding skyline.”