HomeMy WebLinkAboutPRES 1 - Q3 Economic Development Report41k
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Federal Way
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****.Overall CRE has seen a market adjustment and reorganization as
indicated by:
Declines (60%) in private equity/ venture capital investment in commercial
real estate (CRE)
Increase in distressed CRE ($8bn) in Q2 2023 (biggest since 2020)
❖ The industrial sector has seen a small uptick (4.5%) in vacancy due to
large delivery of assets
****.Office buildings as an asset class will remain soft for up to 15 years
(2040)
Construction Permits:
CO/MF VALUATION
Quarter 3
New Build -Permits
Issued
Use
Valuation
TI - Permits Issued
Use
Valuation
2
5chooI/Education
$
45,600,000.00
2
Healthcare
$
7,631,968.00
1
Vehicle Reapir/Sales
$
1,750,000.00
36
Multifamily
$
5,541,908.00
1
Restaurant
$
850,000.00
4
Restaurant
$
76,700.00
1
Ware house/Storage
$
630,000.00
6
Office/Bank
$
1,945,000.00
1
Wireless Facility
$
50,000.00
3
Retail
$
426,000.00
Warehousej5torage
$
25,000.00
Church
$
150,000.00
48,880,000.00 53 $ 15,796,576.00
Total CO/MF Q3
Valuation
Total COf MF Permits
$64,676,576.00
59
Other Permits (MEP, SF
etc.) Total
$ 24,542,899.58
Total Construction Permit
Valuation
$ 89,219,475.58
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:•Business Licenses Issued in Q3 2023:
❑487 new and renewed licenses
CAugust saw the highest issuance at 270
❑For comparison Q2 saw 290 licenses
Port of Seattle -
City Spotlight program
NHRA NW Nationals at Pacific
Raceway R01:
• 25,736 / 127794 > 50mi, inc. 6,818 out
of state or country
• $101,770 TV value - Fox & FS1 Networks
• 1.1m social media reach
• Mayor interview on national TV (lm+viewers)
• Drag & Drive at PAEC
• 10k e-newsletter distribution
• Hotels on PR website
• Courtyard Marriot Pre -event
Tourism Enhancement
Grant (TEG)
Spotlight
1M fk P-tin TO I'l M
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MAMM V.s
IM g�m W�, go-ty ?Ott ,�r
Follow abng wRh Mis multi-cammungy event as we travel parade style thraugM1 Ken[ Fetleral Way «tl Auburn.
Take off ham The Place Ta R«e, aFang with mme pretty great street legal r«e cars, aJoin us abng the woy-
Our linol stop wil be a[ Fon Fest presmtetl by Ezpbre Auburn where we'll kick off the 36[h Annual R.— P.
NNRA NW Notiands event at Bare S Busters: music, food, ticket giveaways, tors and some of your fw drivers!
1r00 wl LeaveP«ificRacewas
w11e�w I' 31001144th Ave SE Kent, WA
Mffl 1-apm A417rrive at Kent Stotia
I' Ramsay WaY Kent, WA
?:;ppM Le Kent
ooArrive of Performing An, B Event Center
p 31510Petevon Reichbau er Woy5
voopm Leave Eederal Way
Arriveutleof The Outlet Collection Auburn
I101 Ot Collacnan Woy Auburn, WA
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BY
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SISTER'S
EXPLORE AUBURNREED
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Kent
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RENEW YOUR TICKETS NOW
2024 NHRA
NORTH W EST NAT ION ALS ,
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RACEWRIS
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Up..w Eve Ms !kw'Ikbk'
�' P4eFormance Racing School
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Reserde✓d by ML Racing
wt. P.Fmn —Racing School
FFOFoman� Racing Sr 1
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Auburn
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ParFc Raceways
Recent Upda@s
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Kent
Kent,-
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Q'—z � 'MGM;
Federal Way
July 16, 2023
11 a.m. - 2 p.m.
NHRA NW NATIONALS
TICKET GIVE-AWAY
Fast cars, free tickets and more!
COURTYARD
11171
31910 Gateway Center Blvd.
Federal Way 98003
pacificraceways.conn /Mra
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Client Demographics
Af. American 31 / 37% Wom. Owned 39 / 45%
Asian
13 / 15%
M/F Owned
6 / 7%
Hispanic
9/ 10%
Vet/Reserve
1/ 1%
Native Am. /
Pac Islander 0/0
Cities Serviced
6urien,10
SeaTac, 9
Federal Way, 27
Des Moines, 7
Tukwila, 7
Teem Urjdafpc"
P I EDC Conference
Futures Forum
❑Julie LaBrake
Sandra Badry
Shawna
Andrew Button
Tanja Carter
Business
Morning Bull
Founder & CEO
Director of
Development...
Manager Business
Mashup Lab
Economic...
Red Deer County
Development
Limited
City of Federal
Community
way
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41k
CITY f
Federal Way
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