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Two Reports Show Downtown Slowdown, But Remain Bullish

SEATTLE, WA-A bright spot is Downtown Bellevue, site of four new office buildings in 2000, with 12 others in the works totaling some two million sf. The Downtown vacancy rate there is between 2.1% and 2.6%.

By Jack Burney | Updated on January 03, 2001

SEATTLE, WA-The resurrection of downtown had office space scarce and at a premium, but opportunistic building in 2000 has created an over-supply, according to a report issued by Cushman & Wakefield.

Even as 1.5-million sf of new office space is under construction in and around the downtown area, the vacancy rate is rising and stood at 4.2% at year’s end. Sublet space rose during the year from 249,000 to 622,000 sf. But the C&W report is bullish, nonetheless.

“Despite an increase in the number of dot-com companies downsizing or shutting down completely,” the report said, “demand for space was still strong. Developers remained bullish about the market levels as confidence remained high.”

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