The average salary for office occupying jobs in Seattle has grown at nearly twice the rate of Metro DC
Tenants are already bracing to pay higher rents in National Landing following last year’s big news.
October 23, 2019
- Tenants are already bracing to pay higher rents in National Landing following last year’s big news. Crystal City rents have increased 16.5% over the last 12 months and are projected to continue to rise in the coming years, similar to what other tech submarkets have experienced (average rent in the Lake Union submarket in Seattle increased 107% since 2008).
- In addition to rising rents in National Landing, companies across the region will need to prepare for higher wages as well. While average wages in Metro DC are still higher than Seattle, the growth rate in Seattle was nearly double the increase in Metro DC over the last 10 years due to an influx of tech companies. This could lead to dramatic wage increases in the Metro DC region in the coming decade, as National Landing becomes a tech hub and companies in other industries compete for talent with tech companies.
- The higher wage growth in Seattle has not led to a slowdown in hiring. While Professional and Business Services employment has increased 9.2% in Metro DC since 2009, it increased 37.7% in Seattle during the same time frame.
Source: JLL Research, BLS QCEW