In Seattle neighborhoods from Columbia City to Capitol Hill, developers are holding off on planned apartment projects. Downtown, office buildings are shedding tenants. At City Hall, fewer permit applications for new construction are flowing in.
All over Seattle, the commercial real estate market is showing signs of sluggishness, the result of rising interest rates, high construction costs, ongoing remote work and, now, new uncertainty in banking. This slowdown could mean less new housing built over the next few years and more office towers facing financial trouble.
"It's really a challenge on all fronts," said Jake McKinstry, managing partner at apartment builder Spectrum Development Solutions.
