Seattle housing market cools as Amazon heads east

Tenants are being lured with free rent, while bidding wars have declined

TRD NATIONAL /
Nov.November 23, 2018 08:45 AM
Bidding wars for property in Seattle appears to have declined during Amazon’s search for a new headquarters. (Credit: iStock)

In the wake of Amazon’s recent decision to split its second headquarters among two East Coast  locations, brokers and residential sellers in the e-commerce giant’s Seattle home are moving aggressively to lure tenants and buyers.

Landlords had already spent the last six months offering perks such as Amazon gift cards and free rent, as the company ramped up its marketing campaign and a nationwide search for HQ2, according to the Wall Street Journal. Bidding wars for property in Seattle appears to have declined during that time, the Journal reported. In addition, high interest rates and prices have led to the slowest median growth in the city since January 2013.

That stands in stark comparison to the last eight years, which has seen Seattle housing market prices increased close to 50 percent, as Amazon’s employee based there expanded to 45,000.

Meanwhile, as Amazon prepares to expand to New York City and Washington, D.C., so too may its prospective employees. Zillow reportedly found online listings searches in Queens’ Long Island City and Virginia’s Crystal City areas increased four times on the day of Amazon’s announcement.

Only half of the expected 25,000 jobs that Amazon would bring to Long Island City will be technology-related, the Journal reported. The other half will be administrative, human resources and custodial roles.

The company has already entered a letter of intent to lease approximately 1 million square feet of office space at Savanna’s One Court Square. And in Crystal City, the location will be transformed into something of a company town. Amazon has signed a 500,000 square feet lease at JBG Smith’s 241 18th Street, 1800 South Bell Street and 1770 Crystal Drive properties. Amazon will also purchase several development sites from JBG, totaling 4.1 million square feet of buildable space.  [WSJ]David Jeans 


Related Article

arrow_forward_ios
Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

Andy Reid, the President of MetroStudy

The great SoCal slowdown: Homebuilding drops 18%

arrow_forward_ios