On the heels of Amazon’s announcement that they will relocate several thousand workers to Bellevue, Microsoft is going full steam ahead on its HQ renovation that, when finished, could bring in another 8,000 jobs to it’s Redmond campus, according to a story published last week in the Puget Sound Business Journal.
Also last week, Microsoft published renderings of the new campus which will include a two-acre plaza with room for 8,000 to 12,000 people for meetings and events, soccer and cricket fields, an underground “smart” parking facility and a pedestrian and cyclist bridge over Highway 520 connecting the company’s East and West Redmond campuses.
So what does this mean for the housing market in Redmond and the surrounding areas?
Short term, not much since the renovation won’t be complete for several years. May stats from NWMLS showed that buyers were getting a bit of relief as the eastside median price dropped about 4% overall and added some much needed inventory compared to the same period last year.
Longer term, however, is a different story. Job growth is the primary driver of local housing and Microsoft’s intention to stay put and grow in Redmond through this renovation will likely increase demand and drive prices higher. One thing that could provide significant relief would be new construction. Unfortunately, on a national basis, there was 1.27 million new housing units started in May, a decline of 4.7 percent compared with one year ago. Let’s hope this trend reverses itself.
I focus my work in Redmond, Sammamish and the greater Eastside and if you would like more information on these areas, or a complimentary market analysis of your home’s value, please reach out to me at firstname.lastname@example.org or visit my website.