To all you Seattlelites hoping and wishing for a break in the ever-increasing housing prices and nightmarish traffic: don’t hold your breath. A new and interesting trend is emerging in the Silicon Valley tech giant realm; large companies such as Facebook, Dropbox and Apple have established regional offices in the Pacific Northwest. Commercial rental prices in Seattle and Portland are much more reasonable in the Pacific Northwest compared to those in Silicon Valley, where the gross rental rate is over $55/square foot.
According to Redfin, 25% of Bay Area residents are looking for homes outside of the Bay Area, with many of them searching in Seattle and Portland. With the median home price of an astonishing $1 million, it’s no wonder why these Bay Area Californians are flocking to the Pacific Northwest. Redfin CEO Glenn Kelman stated in a blog post, “In the past four years, the number of Bay Area people searching for Seattle homes has quadrupled; for Portland homes, that number has quintupled. For every 13 Bay Area people searching for a home, one is now searching in the Pacific Northwest alone.”
Is a new California-fication (see what I did there?) of Seattle in our immediate future? Can those sunshine state residents handle the strength of our rain or our coffee? Let’s see how this one plays out.
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