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It Could Be Worse. It Could Be San Francisco

SEATTLE-Average rental rates for class A office space here have slipped 22% in the first six months of 2001, according to a new study by Oncor International.

By Gina Binole | Updated on August 03, 2001

SEATTLE-Rental rates for class A office buildings in Seattle’s central business district have slid 22% lower in the first six months of the year. The only other city to post a steeper decline during that time was San Francisco, according to a recent report issued by Oncor International.

The study places the average rate in Seattle at $35 per sf, a $10 dip from January’s rates. In San Francisco, the rental rate slipped 28% during the same time period, dropping to $55 in mid-2001 from $76 at the end of 2000.

According to the Oncor report, San Francisco used to reign as the country’s most expensive office market. With that city’s rental rate decline, the Silicon Valley jumped ahead in the race, with an average rate of $63 per sf, down from $70 six months ago.

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