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I think since DC has had such an astronomical boom in apartment construction over the past several years (and many proposals that are still coming through the pipeline), it will take some time for the market to absorb them. I understand DC proper is growing at a faster rate than it has in decades, but the metro area overall is not seeing the growth rates it used to. This is no doubt in no small part due to the decreasing levels of spending of the federal government leading to payroll freezes and contracts.
Overall, that's definitely a good thing for the region. This area absolutely needs to catch up with the growth it has received (the Metro, for example, despite being a very robust system, has major capacity issues -- but that's a whole other problem). Less residential demand would also force rents lower, which would be much-needed relief from housing costs.
It would be nice for rents to drop, however, class A rents aren't dropping and inventory is sky high. The difference seems to be that class A units are filling very fast and class B unit vacancy is rising. Class B rents are falling and hopefully they continue to fall. Class A rents are never going to fall to an affordable rate. Right now, downtown rents are well over $2,000 in all submarkets and they aren't going to fall that much. There is too much demand to live downtown in the core. Most of the units under construction or in the pipeline are all in the core and they will continue to fill up at a lightning pace. The suburbs will hopefully slow down. The city is where the population growth needs to be. San Fran has a population of over 800,000 in less space than D.C. has to fill. We need to cram as many people in the city as possible.
D.C. is finally growing faster than the suburbs as of this year and that goes along with what we are seeing. If D.C. can absorb a high enough percentage of the metro growth like it has been doing, the city will continue to grow. D.C. metro growth is slowing, however, D.C. proper growth is not. The reason for this is that D.C. proper is absorbing a higher percentage of the metro area growth. If the region adds 40,000 people, D.C. only needs to absorb 30% of that growth to continue to grow.
No question without spending the time on background/info (I am in the industry):
Chicago (by sheer size, though if you want to compare to "boom" years, seems Chicago is in very average to below average times)
SF
Boston/Philly (Boston in the now and past 2 years, Philly if you look at 6 months from now and over next 2 years)
Houston
Seattle
LA
DC (has slowed down considerably in last 6 months)
Atlanta
Dallas
Pretty solid. I do feel that DC should be higher but I see your point.
That said, it's wicked cool how cities that are supposed to be on the ropes as far as growth are actually white hot as far as urban development.
Pretty solid. I do feel that DC should be higher but I see your point.
That said, it's wicked cool how cities that are supposed to be on the ropes as far as growth are actually white hot as far as urban development.
I wonder why people are listing single buildings in this thread? I would think major projects would be multi-building projects that cover multiple blocks.
I wonder why people are listing single buildings in this thread? I would think major projects would be multi-building projects that cover multiple blocks.
True Seattle has several multi billion dollar developments Yessler Terrace, North Lot , Amazon World Campus , Waterfront and viaduct replacement, all billion + developments
True Seattle has several multi billion dollar developments Yessler Terrace, North Lot , Amazon World Campus , Waterfront and viaduct replacement, all billion + developments
Exactly, most cities have mega developments and those are the projects we should be talking about here. If you listed every building being built in Seattle, it would take up the whole page and we aren't even going to begin on D.C.
Exactly, most cities have mega developments and those are the projects we should be talking about here. If you listed every building being built in Seattle, it would take up the whole page and we aren't even going to begin on D.C.
I wonder why people are listing single buildings in this thread? I would think major projects would be multi-building projects that cover multiple blocks.
Good point, I know SF has many huge prijects coming up with Treasure Island, Park Merced, Hunter's Point, Candlestick, and the rest of the Transbay redevelopment. Oakland is doing Brooklyn Basin, Coliseum City, Macarther transit village, heck even Berkeley is having a downtown boom with some of the first new high rise buildings in decades. Also Fremont, Union City, Walnut Creek, Concorde, Hayward, San Jose, Dublin, Livermore, and Richmond are all starting redevelopment projects around their BART station. SF just sent out an RFP to terminate 280 at 16th street and redevelop the Caltrain railyard while adding a rail loop out of the Transbay Terminal that will allow for eventual commuter and intercity rail to East Bay and beyond. The level of redevelopment coming is mind boggling!!
Metropolis is scheduled to break ground on phase I in 2 weeks (19 story hotel tower and a 38 story residential tower). This after years and years of near-misses, it looks like it is finally coming to the South Park / Financial District border. Metropolis will consist of 3 residential towers and a hotel tower with ground floor retail at each building's base. No official renderings yet but there are quite a few older renderings from said near misses.
This project consists of a 37 story residential tower and a shorter 25 story office/hotel tower.
These are in addition to the most current huge project, which is the Wilshire Grand tower. I think it is noteworthy because it is a super-tall, even though it is just one tower.
In Hollywood there are a couple major projects - Columbia Square has broken ground on a lot on Sunset and Gower bringing retail, office and residential and studio space.
And just down Vine from Columbia Square, the Academy of Motion Pictures sold a huge parcel of land to the developers of Columbia Square for another huge mixed-use complex:
I know even the smaller cities in Seattle area have started construction on billion dollar projects. Bellevue Spring Distric started construction last year a 2 billion dollar project and Lincoln Square 2 started construction in downtown Bellevue a 1.2 billion dollar project.
Metropolis is scheduled to break ground on phase I in 2 weeks (19 story hotel tower and a 38 story residential tower). This after years and years of near-misses, it looks like it is finally coming to the South Park / Financial District border. Metropolis will consist of 3 residential towers and a hotel tower with ground floor retail at each building's base. No official renderings yet but there are quite a few older renderings from said near misses.
This project consists of a 37 story residential tower and a shorter 25 story office/hotel tower.
These are in addition to the most current huge project, which is the Wilshire Grand tower. I think it is noteworthy because it is a super-tall, even though it is just one tower.
In Hollywood there are a couple major projects - Columbia Square has broken ground on a lot on Sunset and Gower bringing retail, office and residential and studio space.
And just down Vine from Columbia Square, the Academy of Motion Pictures sold a huge parcel of land to the developers of Columbia Square for another huge mixed-use complex:
You can't forget about Onni either. Haven't they applied for permits for three more towers? One of them being a 50 story?
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