No Real Estate Meltdown Here

Amazon's move will bring another big name to Seattle's booming South Lake Union
By Michael O'Connor,  Newser User
Posted Jan 9, 2008 7:52 PM CST
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)
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(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.