While building activity in Redmond has not approached the high-water mark of 2005, it rebounded slightly in 2010, mostly on the strength of improvements to existing properties. Recent years have shown continued growth largely in residential due to increased housing demand.
According to Compass Commercial, this year, the vacancy rate for Redmond industrial averaged 1.54%, and developers can’t deliver enough space to meet the surging demand. Since 2018, the market has received 265,478 square feet of speculative industrial space, with an additional 135,588 square feet of space in the pipeline (under construction, permitted and planned). Those projects combined will increase Redmond’s industrial inventory by nearly 28%. Developers and businesses have looked to the City of Redmond, where land is in greater supply, and the cost of housing is substantially more affordable.
| BUILDING ACTIVITY IN REDMOND | ||||
| Year | Residential | New Commercial | Tenant Improvements | Total Valuation ($) |
| 2008 | 141 | 34 | 54 | $63,000,687 |
| 2009 | 63 | 34 | 54 | $24,661,610 |
| 2010 | 52 | 18 | 75 | $72,399,863 |
| 2011 | 32 | 14 | 56 | $14,471,470 |
| 2012 | 90 | 13 | 56 | $25,873,791 |
| 2013 | 100 | 8 | 70 | $33,444,344 |
| 2014 | 148 | 7 | 91 | $49,916,914 |
| 2015 | 195 | 15 | 117 | $61,612,148 |
| 2016 | 284 | 25 | 124 | $103,164,271 |
| 2017 | 288 | 41 | 63 | $98,223,995 |
| 2018 | 476 | 55 | 45 | $132,945,938 |
| 2019 | 369 | 26 | 52 | $181,135,334 |
| 2020 | 548 | 42 | 61 | $191,189,251 |
| 2021 | 475 | 17 | 46 | $188,161,329 |
| 2022 | 213 | 26 | 43 | $161,948,550 |
Source: City of Redmond Building Statistics (Dec 2022)
