17 Nov SMARTCAP RESEARCH- NOVEMBER 2019 NEWSLETTER
Facebook Continues to Expand in Bellevue’s Spring District
Facebook’s presence in the greater Seattle area continues to grow, with the company leasing another building in one of the fastest growing employment hubs, Bellevue, WA. This will be the third building in the area that the company has committed to, making its Spring District footprint over 800,000 SF. The Spring District will be home to 3,000,000 SF of high-tech, flexible office space, along with retail and residential. This acquisition is further proof that the Seattle/Bellevue area is emerging as one of the country’s most desirable regions for business expansion.
Seattle Office Market Drawing More Investors as Demand Overwhelms
According to an Emerging Trends study done by ULI/PWC, Seattle is in the top ten in overall real estate prospects, and fourth in terms of local expectation of investor demand in 2020. Investor interest in the Seattle/Puget Sound area has grown quite a bit over the past few years due to strong market fundamentals, high-talent labor pool, and lower and more attractive rents as compared to other coastal markets. As of the end of Quarter 3 of 2019, transaction volume was close to $5.1 billion, and with a number of buildings currently under contract or on the market for sale, total sales could reach $7.0 billion by the end of the year.
Maximize Your Tax Savings by Investing in a Qualified Opportunity Zone Fund
Qualified Opportunity Zones have been getting a lot of press this year, and for good reason: Qualified Opportunity Zone Funds allow individual investors to defer, reduce, and eliminate capital gains taxes. However, in order to take full advantage of the tax savings, you must reinvest your past capital gains into a Qualified Opportunity Zone. In order to receive the full 15% tax reduction, you must invest by December 31, 2019.