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High Tech Space Easy to Find, Hard to Lease

BELLEVUE, WA-On the Eastside alone there are approximately 2.5 million sf of space up for sublease. Looking to re-tenant traditional office space is tough enough. But high-tech tenants are, at the moment, as scarce as the spotted owl.

By Janet Parker | Updated on August 28, 2001

BELLEVUE, WA-Researching the market for high-tech space in the Seattle area, GlobeSt.com spoke with Kevin Smith, a broker with the Bellevue office of Cushman & Wakefield. When we inquired about the demand for telecommunications space, Smith replied, “Funny you should ask, I’m trying to find the answer to that question myself.”

Smith is working out the details for listing a high-tech Eastside space, complete with 1,500 sf of raised floor. Thus far in his pre-listing fact finding, Smith has heard of little activity beyond companies in the market for 80 sf to 250 sf of raised floors and racks. He estimates that the cost of the special infrastructure in his potential listing ran a good $250,000. Supply and demand, however, says there’s very little intrinsic value in something nobody wants.

Smith says on the Eastside alone there are approximately 2.5 million sf of space up for sublease. Looking to re-tenant traditional office space is tough enough. But high-tech tenants are, at the moment, as scarce as the spotted owl.

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