The U District as defined by our Business Improvement Area (BIA) boundaries consists primarily of parcels that are occupied by older residential buildings. Over the past ten years the U District has seen a significant amount of new development. Currently there are more than 30 approved construction plans, active construction sites and recently completed buildings underway.
Retail, Restaurants, and various other service based industries in the neighborhood tend to have located on major north south arterials. While larger office buildings and parking lots have laid out along the Districts main east west thoroughfare of NE 45 Street.
Community resources in the District are tucked in between the residential and commercial. The U District is home to at least 17 churches and religious organizations. These entities provide a menu of social services, from housing to the needle exchange.
The total area inside the BIA is 364 acres, developable land in the district only makes up 223.7 acres meaning up 39% of the land inside of the BIA is dedicated to street right of way. The remainder of this Inventory dives into each of these land use categories described in the section.
Commercial Space For Lease
Commercial office space in the neighborhood is extraordinarily scarce, with just 0.08% of office space in the neighborhood currently for lease. The median of office spaces available in the U District is 1,000 Sqft.
Ground floor retail spaces at the bottom of new mixed use buildings is the most typical type of space the District has available. Retail vacancies in the U District sit at just under 5%. Though many of these ground floor retail spaces could be ideal for restaurant uses, not many have existing restaurant infrastructure and would require a significant build out.
Some of these spaces are actively under construction. 15 different entities are responsible for leasing the 24 available spaces. NE 45th ST and University Way NE is the District’s most prominent intersection, this makes the property currently available at the SW corner of this intersection an unique opportunity. 4345 University Way NE is an almost 10,000 retail space and current home to American Apparel is searching for a new tennat.
Rental Residential Market Analysis
The U District as defined by our Business Improvement Area boundaries consists primarily of residential land uses. The majority of these residential properties are older Single Family Homes or Low Density, duplexes, triplexes or townhouses.
The vast majority of housing units located within the BIA boundary are located in High Density developments, Apartments, Condominiums and 4-plexes. This can be seen in the District’s staggering 11% owner occupancy rate. Most new residential developments are Mixed Use buildings built in the typical five floors of residential over ground floor retail space fashion.
Single Family homes occupy 25% of all our residential space in the District. These single unit dwellings offer near 2,000 sqft of living space, while High Density housing units typically offer closer to 600 sqft on average.