The vacancy rate lept from 5.68% to 25.49%, due in large part to Hewlett Packard's sale and exit from its building in the Columbia Tech Center, which dumped 486,000 sf to the market in one fell swoop. Alas, it will be short lived.
Consolidated Freightways is consolidating its operations from Portland and Menlo Park into HP's old building, and paying a premium for it. HP sold the building to back to the existing owners of the Tech Campus for $14.5 million. A CF spokesman told GlobeSt.com the company is paying "upwards of $20 million" for the property.
Meanwhile, a revitalization effort for the city's downtown core continues to roll successfully on. Over 410,000 sf is currently under construction in and around the city, according to Colliers International, and another 318,000-sf of development is proposed.
Vancouver Center, a 160,000-sf mixed-use project in the city's core is slated for completion next year. Construction of the 30,000-sf New Columbia Shores Building is planned to begin this quarter. Expect further development to be announced by year-end.
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