Search
 

Long Term Looks Good, Say Eastside Office Experts

BELLEVUE, WA-Although the Eastside office market here has taken a beating, Bob Farra of Colliers International and Jeff Scanlan of CB Richard Ellis' Bellevue are seeing pain-free pastures further out on the horizon.

By Janet Parker | Updated on June 04, 2001

BELLEVUE, WA-In discussing the 23.3 million per sf Eastside office market, now sobering from a dot.com hangover with between 1.8 and 2 million sf of sublease space, Bob Farra of Colliers International admonishes everyone to think in terms of cycles. “People need to remember real estate is a long-term business that runs in five-year cycles. We need to look at where we’re going to be in 2005,” says the Bellevue vice president and branch manager.

Farra’s prediction for 2005: “We will have new architecture and landscapes, and the (Eastside) market will be doing well economically. New buildings (while several projects are currently stored in mothballs) will be built, leased and profitable. We won’t be seeing the high and low spikes (of the recent past)—-but gentle growth, which is really good.”

Jeff Scanlan, vice president of CB Richard Ellis’ Bellevue office, is also optimistic about the long-term health of the office economy here. “Looking at the big picture, Seattle is still attractive,” he says adding, “However, vacancy rates will probably be in the 8% to 12 % range for a while.” They are by best estimates currently in the 8% range.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.