Seattle market a top-performer

Seattle's commercial market is ranked sixth in the country, according to a new report.

A new report from the Urban Land Institute and PricewaterhouseCoopers shows Seattle's commercial real estate industry is the sixth best in the country. It was ranked seventh last year.

Investment, development and homebuilding are the leading sectors in the city, according to the report, which is created based on interviews and surveys of more than 1,000 developers, investors, lenders, builders and real estate services firms.

A recent market report from Colliers International showed that in the third quarter of 2013, the Puget Sound area has experienced a total of 733,929 square feet of commercial real estate absorption. Sales prices and construction have increased while commercial vacancies have decreased.

Companies like Amazon and Microsoft have been expanding there and making headlines about their desire to add more employees, which will continue to boost the city's market.

Taking flight
According to The Seattle Times, a major factor driving the Northwest city's growth is that its commercial aerospace manufacturing industry is set to expand.

"Seattle is enjoying good job growth due to the tech industry," a national real estate consultant said to the source. "It is also becoming a core market for foreign investors."

One of the main drivers of the city's commercial aerospace manufacturing industry is that Boeing is shopping around for alternate sites where it would develop the long-range, twin-aisle 777x planes. At least 225 of the long-hair airliners were ordered on the first day of the Dubai Airshow in the United Arab Emirates.

Boeing CEO called the rollout the "largest commercial launch in aviation history," according to the Seattle Times. The 777 holds about 365 passengers, which makes it the company's second-biggest plane, and the 777x is being revamped to include about 400 passengers. The aircraft also will be 20 percent more fuel efficient. 

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