The company had signed a 10-year, $20 million lease for the 58,000-sf Provident Building last year and renamed it the Acadio Building. However, after initial layoffs occurred, shrinking the need for office space, Acadio was forced to sublease a majority of the 91-year old former warehouse.
The Seattle sublease market, like many markets around the country, continues to experience a glut of sublease space with no real end in sight. Colliers International's local research from put the number of sublease space at 1.7 million sf, up from 1.3 million sf at the end of last year. On the vacancy side, CB Richard Ellis reported a Seattle rate of 6.02%, (up from 4.38%) while Colliers checked in with 7.8% (up from 3.5%).
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