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Seattle Office Space Market Conditions

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Home to Boeing, Microsoft and a number of other burgeoning businesses, Seattle, Washington is the largest city in the Pacific Northwest region of the United States.  Known as the Emerald City, Seattle boasts a multi-cultural population of around 635,000 and is one of the fastest growing cities in the U.S.  Also home to the University of Washington, Seattle has shown to have the highest percentage of college and university graduates of any major U.S. city*

Despite the fact that Seattle experiences less rainfall than Boston, New York, Washington, D.C., and Atlanta*, it has earned a reputation for being the wettest city in the U.S.  Regardless, the many lakes, parks, forests, and rivers make living in Seattle an outdoorsman’s dream.  The people of Seattle enjoy many non-rainy days when they can sail, ski, bicycle, camp and hike.  When they’re not outdoors, Seattleites like to be indoors enjoying the local music and arts scene.  Seattle has been the launching pad for many popular rock bands and musicians, including Nirvana, Pearl Jam, Jimi Hendrix, Kenny G, Heart, and most recently, hip-hop sensation Macklemore.  Additionally, the city is home to several pro-sports teams, including the Seahawks, the Sounders, and the Mariners.

Seattle is situated on the Puget Sound, making it an oceanic port - the eighth largest in the nation.  Although logging was the region’s first real industry, the proximity to the Pacific Ocean has led to trade with Asia becoming a large part of the area’s economic activity.  Additionally, the city is full of attractive landmarks such as the Space Needle, and Pike Place Market, as well as several unique neighborhoods, making it a favorite destination for tourists from all over the globe.

Seattle has experienced many economic highs and lows during its history.  After the boom of the lumber industry, the city experienced a serious economic decline, but then boosted itself out of the slump by becoming a major transportation center.  During the post World War II era, the city again experienced an economic slide, but recovered due to Boeing’s surge in the commercial aircraft market.  Despite its economic crises over the years, Seattle has demonstrated the ability to strengthen its infrastructure and come up swinging.

With one of the lowest levels of unemployment in the country, Seattle is experiencing an overall strong economy.  However, the Seattle office space and commercial real estate markets are showing signs of leveling off. 

Despite this, office rental rates have continued to rise with the most expensive office space in the Seattle area being Class A space located in the Bellevue Central Business District at over $35.00 per square foot.**

More information/articles on the  Seattle office market.

Market Area

YTD Total Net Absorption SF

Total Vacancy SF

Average Asking Rent SF

Downtown

Class A

Class B

 

913,554

425,876

 

4,083,312

1,716,841

 

$33.44

$28.22

Northend

Class A

Class B

 

29,736

-2,759

 

178,860

1,071,621

 

$28.91

$26.23

Southend

Class A

Class B

 

13,539

323,009

 

172,943

1,376,004

 

$25.81

$22.75

Eastside

Class A

Class B

 

55,533

92,691

 

1,239,960

1,642,657

 

$34.47

$29.87

Source: Jones Lang LaSalle Office Statistics - Quarter 2, 2013

* Wikipedia
** Colliers International Puget Sound Region Research and Forecast Report - Quarter 2, 2013

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By: James Osgood

Office Rental , Office Space , Seattle Office Space

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