Job growth throughout the greater Puget Sound region continued to show further upward trending as of mid-year 2016. According to the Bureau of Labor Statistics, Seattle added 13,400 jobs in May 2016.
The region also continues to rank highly in various national surveys. Recently, Seattle was rated the 11th best city for innovation. Additionally, by analyzing the number of job openings, cost of living and worker satisfaction, a recent Glassdoor study showed that the demand for jobs has made Seattle the third-best city for job seekers.
The trend of the urban campus is driving substantial growth in both residential and office development around the region. A recent report by the Downtown Seattle Association showed that as major employers such as Amazon, Facebook and Expedia are drawn to urban campus settings, it creates greater potential for more people to want to live in proximity, as well.
The strong job market, together with solid leasing and investment sales, resulted in continued healthy market fundamentals as of mid-year 2016. For a more in-depth look at how the local office markets performed the past three months, please view our Second Quarter 2016 Market Advantage.