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Pierce County Caught Up in Slump, Except Apartment Market

TACOMA, WA-The Pierce County apartment market is hot, its office market has cooled significantly with the rest of Puget Sound and its industrial sector boasts the largest amount of new industrial construction in the region.

By Janet Parker | Updated on August 29, 2001

TACOMA, WA-”We’ve not been immune to the slump,” says Bruce Kendall, president and CEO of the Economic Development Board of Tacoma and Pierce County, talking about the office market with GlobeSt.com Wednesday afternoon. “There’s no new building being proposed at the moment.”

According to the latest report from CB Richard Ellis, Tacoma was sporting a 9.73% direct office vacancy rate, the highest in the Tacoma/Federal Way submarket, which was averaging 8.16% as of the end of June. Kendall says the vacancies here, as opposed to Seattle and Eastside submarkets, are due more to a general sagging of the economy than to the high-tech meltdown.

“Only between 7% and 11% of our total technology group has gone away,” says Kendall. “So, we are still confident in our small technology community.” Kendall attributes the healthier high-tech climate of Tacoma to the much lower rents that were being paid by its tenants in comparison to the exorbitant numbers being reaped by Seattle and Bellevue owners during the dot-com heyday.

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