Report: Seattle rent decreases 10%-16% following ‘skyrocketing’ increases last year "Leckie said it is unlikely prices will go back to pre-pandemic levels." (KIRO 7)

Op-Ed: Seattle Council Is Trying to Make Housing More Expensive "The timing of the proposed transportation impact fees could not be worse. With high interest rates and construction costs, home-builders are already finding it nearly impossible to make new housing projects financially feasible. While the skyline is still filled with cranes from developments started years ago, the city’s data shows applications for new apartment construction permits have plummeted, down from 11,200 between January and September of 2020 to just 2,600 between that same timeframe this year." (The Urbanist)

Touchstone tops out on Chapter Buildings in U District "Completion of the shell and core for both is expected next year. And this week developer Touchstone announced that both the office/life-science towers have now topped out. CollinsWoerman designed the pair, which will have nearly 400,000 square feet." (Daily Journal of Commerce)

In bad sign for downtown Seattle recovery, demand for office space tanks "Interest in leasing new office space in Seattle was at just 21% of pre-pandemic levels in the third quarter of 2023, according to a report from New York-based VTS, which provides leasing and asset management software for commercial real estate landlords" (Seattle Times)

Seattle-area construction costs flatten amid steady activity (Puget Sound Business Journal)