Office Leasing Unleashes More Multifamily Units

Union Street Apartments is a 60-unit mixed-use building in the Capitol Hill neighborhood.

SEATTLE—Based on current office leasing activity in Seattle and Bellevue alone, a projected 200,000 professional and support jobs will be created in the next several years. Estimating that every five new jobs creates demand for one new apartment unit, the region will require more than 40,000 new apartment units to maintain equilibrium with job creation and in-migration, according to a first quarter multifamily report by Colliers International. Employment fundamentals indicate that the Puget Sound is well positioned to absorb the 33,000 apartment units currently under construction and the pipeline of future development beyond that.

Another multifamily project bears that out. Construction is underway at the Union Street Apartments, a new 60-unit mixed-use residential building in the Capitol Hill neighborhood. The building is located at 953 E. Union St., blocks from the Capitol Hill light rail station.