Rafn's Roundup of Interesting News in Commercial Real Estate as well as a Little Shameless Self-Promotion
Seattle Construction Costs Outpace the Rest of the U.S.
01/24/2024 : Source ConnectCRE
Construction costs in Seattle rose 7.76% between October 2022 and October 2023, according to a fourth-quarter construction cost report from Rider Levett Bucknall (RLB). National construction costs jumped 5.9% over that period. In addition to higher borrowing costs and inflation, developers in Seattle also struggle with some of the highest wages in the country, reported the Puget Sound Business Journal.
The average construction industry worker in Seattle earns $37.58 per hour, compared to the national average of $28.08, per the U.S. Bureau of Labor Statistics. Despite the mounting costs, many major developments in the Seattle area are in the works, including the $700 million Harvest mixed-use community under development and the recently financed mixed-use housing development Trace 4001.
Similarly, Seattle also leads in office development even while the city has one of the lowest occupancy rates with 6.59 million square feet of office space under construction — the third most in the country.
Seattle Energy Code Rollback
05/02/2024 : Source City of Seattle SDCI
Per mayoral direction, the draft 2021 Seattle Energy Code (SEC) has been revised to remove the energy efficiency advances included in the original draft. The stringency level of the revised Seattle code for new construction projects will largely match that of the 2021 Washington State Energy Code already in effect. A number of corrections and clarifications from the original draft will remain in the 2021 SEC, in addition to rules governing replacement of existing fossil fuel equipment.
The draft 2021 Seattle Energy Code (SEC) has been revised as follows:
- The 2021 SEC will largely match the 2021 WA State Energy Code including adoption of the fossil fuel compliance path.
- Previously proposed 2021 SEC amendments that are more stringent than the 2021 WA State Energy Code are stricken.
- Existing 2018 SEC provisions are maintained.
- Previously proposed 2021 SEC amendments that provide additional flexibility for existing buildings are maintained.
- Previously proposed 2021 SEC amendments that are simple corrections or clarifications are maintained.
In effect, this policy direction will not increase 2021 Seattle Energy Code commercial requirements beyond the levels of the new 2021 WA State Energy Code or the existing 2018 Seattle Energy Code.
The full draft summary document from the City of Seattle Department of Construction & Inspections can be found by clicking the link below.
Rafn Unveils Rebrand
Welcome to the new era of Rafn
// The Real Value of Experience
// Collaborative to the Core
// Our Name is Our Word
// Driven by Quality
Check out what makes us unique at RAFN.COM
Rafn’s Annual Chili Cook-Off 2024
Thanks to all the chefs, judges, and taste-testers who joined us on the Friday before the Super Bowl to share some good chili and great company!
Congratulations to the winners:
- Spiciest: Mexican Meat Medley Christopher Smith Star Rentals
- Most Creative: Madras Curry Chili Rian Norris Star Rentals
- Judge’s Choice: Old 97 Jason Bangert ISI Superfloors
- Taster’s Choice: Brisket Chili Nick Gervais KG Investments
Honorable mentions:
- Cheers! Beer and Chocolate Kim Stearns Conco
- Southwest Steak Chili Nikole Ortiz Star Rentals
- Damn Good Chicken Chili Brianna Lee Rafn
- Screaming Wild Jered Cottell Rafn
- Good Shanken Chili Brandt Bullock Rafn
Current Rafn Projects
- AMLI Redmond Apartments
- Bellevue South Parking Repairs
- Green Lake North Apartments*
- Northaven Workforce Housing
- Pacific Apartments Renovation
- SU Athletic Performance Center Upgrades
- SU Arupe Fence
*shown
Recent Rafn Anniversaries
- Phil 36 yrs
- Randy 34 yrs
- John 31 yrs
- Todd 26 yrs
- Ryan 26 yrs
- Steve 24 yrs
- Todd 23 yrs
- Carlos 21 yrs
- Ben 10 yrs
- Keith 8 yrs
- Jamie 8 yrs
- Dustin 5 yrs
- Rodney 2 yrs
- Darcy 2 yrs
- Tomas 1 yr