Urban Living in Downtown Olympia
We see it in the larger cities, but we are just starting to see the rise in the desire to live downtown in a more urban environment, here in Olympia.
Downtown Olympia is positioning itself to be a prime spot for those eager to live a more urban lifestyle. The demand for housing in downtown is being met by new apartment developments such as Franklin Lofts, The 321 Lofts and 123 on 4th as well as the numerous pockets of existing units spread throughout the downtown core.
We are seeing an increase in rents as well as a change in the type of tenant who wants to live in Downtown Olympia! The tenant mix is changing. We are seeing not only college students, but an increase in young professionals, state worker’s, retirees, etc.
As a result of the demand for downtown housing, the tenant mix changing and a rise in rents, the expectations are that we will see an increase in the need for services aimed at those living in downtown.
With any luck this demand will result in sales growth for existing local businesses as well as new businesses opening to serve the needs of our increasing downtown residential population!