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Office, Retail, Industrial: Not Much Going On

SEATTLE-Vacancy rates - what's left of them, anyway - has created a lessor's market, regardless of the category.

By Brian K. Miller | Updated on July 29, 2000

If you have even decent space in town, you’ve probably leased it already, for the asking price, if not more. At least that’s what the numbers from local brokerages tell us. Whether it’s office, industrial or retail, demand continues to meet or beat supply.

Office — Lot full. There is almost no available commercial space in Seattle and Bellevue. Plain and simple. Colliers International placed downtown office-space vacancies at 0.62 percent for the second quarter. CB Richard Ellis was only slightly higher at 1.01 percent, and placed Bellevue’s downtown vacancy rate at 0.69 percent.

Moreover, Colliers found that 84 percent of the 4 million square feet currently under construction is spoken for. Brokers are now successfully marketing space that won’t become available until 2002 and beyond, which can be unstable when a newly-public web company may want 180,000 sf one day, but because of stock market fluctuations, can only afford 100,000 the next.

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