Amazon.com, Inc. (NASDAQ:AMZN) is not done growing. It’s recent lease of a 21 storey office in Midtown21 highrise Seattle is a good indicator.
This is a long term lease that includes the whole building on 365,000 square feet. The tower’s construction began in December 2016. Amazon is expected to occupy it in later 2017. This move indicates that Amazon’s growth is far from over. Midtown21 is located at the midcorner of Terry Avenue and Steward Street and three blocks from Amazon’s South Lake Union Campus to the North and Highrise Campus to the West. According to real estate experts in Seattle, Amazon occupies or has plans to lease or construct at least 9.3 million square metres of office space.
The rapid growth of Amazon
Amazon’s accelerating growth is amazing. It recently made public its plans to lease five floors of former Tommy Bahama’s headquarters in the South Lake region, increasing its popularity in the region, from 2007. This news came after just a few weeks ago when Amazon opened a new office in Lake Washington Bellevue. The new office comprises of a total of 354,000 square feet office space.
Amazon is also in the process of constructing a new campus. The first and the second buildings are already in occupancy. The third block is a work in progress and there plans to have a fourth block in the same region which will be approximately 860,000 square feet office space.
Yet another property in Seattle
The journey is far from over. Amazon has acquired more land in Seattle and there are speculations it intends to put up a fifth skyscrapper. Records indicate that Acorn Development, an affiliate of Amazon, acquired a half block along Seventh Avenue for $ 19.2 million. However, it remains unclear on what Amazon intends to use the property.
By 2022, it is expected Amazon will have at least 12 million square feet office space in 40 buildings in Seattle. This will be in a position to accommodate its growing demand and workforce. The current workforce is more than 341,000 worldwide.
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