The internet has been abuzz with news of Amazon’s latest major project, the new HQ2. Since the company’s headquarters have been in Seattle for over 20 years, many industry experts are wondering if this will be the end of an era, or if this is just the beginning of a new one.
The buzz is certainly understandable, given that Amazon’s HQ2 will be the company’s largest office building – and perhaps the most expensive real estate project ever undertaken to date. With over 5 million sq.ft. of office space, it will become the third-largest office building in the world, after only The Pentagon and One World Trade Center in New York.
Why is the Building So Expensive?
The building’s price tag of around US$1 billion is not a typo. Amazon’s new headquarters will be 17-stories high and feature a helipad, skywalks, and 24/7 security, putting it in a class of its own. While Amazon’s current main campus in Seattle is not far from the waterfront, this new location will be a full 20 minutes away, on the other side of I-90.
The reason for the exorbitant price tag is obvious – real estate in the downtown area of Seattle is at a premium, and this includes everything from parking spaces to office spaces.
Developers are already beginning to speculate on what the finished product will look like, thanks to leaked architectural drawings.
These reveal an incredible high-tech office building with a distinctive glass front. Other leaked documents suggest the new headquarters will feature a massive open plan with floor-to-ceiling windows, lush green space, and places for employees to relax, study, or interact.
With construction expected to be completed by the end of 2021, we can only wait and see what happens next.
What will the New Amazon Location Mean for Seattle?
The new Amazon location will represent a massive blow to nearby competitors who have built up a substantial business in the city over the years. Indeed, many experts are predicting that Amazon’s HQ2 will revitalize the city’s tech scene, as businesses move in and expand, attracted by the company’s innovative culture and high-profile staff.
According to the Global Workplace Analytics Market Report, Seattle had the third-largest concentration of professional service firms in the U.S., with around 15,600 firms employing over 28.9 million people in the city. The city also had the sixth-largest concentration of Fortune 500 companies in the U.S., with over 250 companies headquartered there. This clearly points to the fact that Amazon’s new location will only accelerate Seattle’s already-established role as a global tech hub.
When Will We See the New Amazon Location?
With so much hype surrounding the new Amazon location, it is difficult to keep up with all the news. However, we do know one thing for certain – the new office building will not open its doors to employees until 2023 at the earliest. This is almost a decade after Amazon purchased the 7.8-acre plot of land for only US$23 million back in 2007.
To keep things interesting, let’s assume Amazon invests in the most effective office equipment and software, making this one of the most modern office buildings in existence when it opens its doors to employees. This will no doubt attract people from all over the world, eager to work for such a globally-recognized brand. In other words, the new Amazon location will serve as a magnet for businesses, talent, and customers alike.
Now is the time to establish yourself in this new and emerging market – get in on the action while the investment tide is high. Are you planning on moving to Seattle anytime soon? Or are you looking to get in on the ground floor of one of the city’s hottest new office buildings?