Online retail company Amazon has helped Seattle-area commercial real estate office space skyrocket in recent years, as more hirings are occurring, according to The New York Times.
The company had a total of 56,000 employees across the United States at the end of 2011. This was a 67 percent increase from 2010's figures, the news source reported. In Seattle alone, the company has approximately 2.5 million square feet in space. Amazon is hopeful it can double the figure in the next few years. It recently made a deal with Clise properties to build three office buildings - containing one million square feet each - for a total cost of $600 million.
"You certainly can't argue that Amazon by far and away has been the big driver," Chris Moe, a senior vice president at Kidder Mathews, told the news source. "But it's not all Amazon. It's them and two dozen other healthy local companies."
The report added that Seattle vacancies are declining quickly, which is allowing for more landlords to raise their prices for leases. This is further helping to create larger gains for the local commercial real estate industry.