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August 30, 2008 8:19:32 AM CDT

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No Real Estate Meltdown Here

Posted Jan 9, 08 7:52 PM CST in Business,  US 

(Newser) – For the first time since the company's founding, Amazon's administrative employees will reside in one ZIP code, the New York Times reports. But the planned 2010 move from scattered offices to a single Seattle location will hardly make it the first big name in Paul Allen-directed South Lake Union: The Microsoft co-founder owns 60 acres in the lakefront neighborhood, whose tenants include REI and Tommy Bahama.

Seemingly immune to the real-estate bust, South Lake Union has halved its vacancy rate to 6.2% since 2005; with few new spaces open until next year, the numbers could get even rosier. Though not all residents welcome the civic costs the booming hood will incur, Allen plans to erect 10 million square feet of livable, workable space.

Source New York Times

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The new Seattle Streetcar breaks through a banner as it begins its inaugural run from downtown Seattle, Wednesday, Dec. 12, 2007. The south Lake Union trolley made its maiden run between the downtown...   (Associated Press)
Jeff Bezos, Amazon.com, founder and CEO, takes questions from shareholders during the Amazon shareholders meeting in Seattle in this June 14, 2007 file photo. Amazon.com will move to a campus in South...   (Associated Press)
South Lake Union   ((c) Don Nunn)
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business  • real estate  • Amazon.com  • Seattle  • real estate values  • Paul Allen


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