Building Permits | Redmond Economic Development Inc.
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Since 2010, Building activity in Redmond has grown at a rapid pace year over year. Existing improvements saw a 60% spike in 2015-16, followed by new commercial buildings growing 32% in 2018. The area of continued development has been residential seeing its highest peak in 2020 at a rate of nearly 10 times the activity reaching a high of 548 new starts. Despite a slowing down of activity over the last two years, largely from increased costs in interest rates, inflation and supply chain challenges, the drop is marginal compared to that of the Great Recession of 2008. Overall, Redmond is still seeing steady and sustainable growth.

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)