CB Richard Ellis' report says that the region's average vacancy rate is now 3.8%, an increase of 1.2% from mid-2000. The Eastside markets appear to have been hit the hardest, up from 2.3% to 4.4% in the same period. In the last half of the year, the vacancy rate in Snohomish County rose 1.3%, and vacancies in the south-end sub-market increased 1.1%.
Seattle has the second-lowest vacancy rate, ending up at only 3.1% at year end. Robert Morton of the Seattle office of CBRE tells GlobeSt, "The downtown market continues to become more attractive. Transportation has become a big issue in the region, and the closer you can get to the city core the better off you are."
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