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Amazon's Explosive Growth is Changing the Face of Seattle
If you are a Seattle resident, or anyone familiar with the city, you may take note of the recent changes in the city landscape and traffic, as Amazon's explosive growth and expansion is changing the face of the city. Due to the unprecedented growth of the company, and its move to place their corporate office campus in the city, you may see that many changes have taken place as the company has quickly bought up real estate to expand the campus to accommodate all of its newly hired employees.
New Construction Is The New Norm
As you can easily see, the tech boom has been noticeable all over town, with many startups moving to town, but by far, the landscape is dominated by Amazon, and all the changes they have made. One such change has been the construction of three large round Biospheres, featuring a geometric, see-through greenhouse-type appearance. You may also see several new skyscrapers being constructed in the same general area of town as the Biospheres.
New Employees Moving into Town at A Rapid Pace
There are over 30,000 employees of the company currently in the city, with new hires coming in all the time, and 10,000 projected more in the near future. This has increased
traffic, traffic wait time, and cost of living in the city and surrounding areas.
New Revenue Now Pouring Into The City's Economy
Due to the consistent tech boom split between several different large companies in the city, you may notice an influx of high-wage earners are now present in town, with the means themselves to purchases more expensive homes, cars, clothing, electronics, and goods and services for themselves and their families, which is another source of revenue consistently pumping into the local economy.
Competition For Housing Is Fierce
You may notice as a matter of fact, that a very visible by-product of Amazon's exploding growth in buying properties, is the exploding growth of the Seattle's residential property market due to the influx of new employees. You will see that employees have very high wages, and need a place to live, coupled with the fact that the city's housing inventory is very small and very competitive. This is driving housing prices way up, causing bidding wars, and seeing open houses packed with potential buyers desperate for a nice home to live in, relatively close to work. Scenes like this are now becoming the norm, with a housing inventory way too small to keep up with the demand. Likewise, available rental units are also difficult to come by, and rents are going sky-high in price.
Construction and Growth Will Continue for Years More
With all the commercial purchases Amazon has made for its expansion, and current construction going on, the completion date for all to be finished is in 2022. At that point, you will note that Amazon will own approximately 40 buildings in the city, with approximately 12 million square feet in total. This figure is said to be around 20% total of the office building space available in Seattle.