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Puget Sound's Northend Office Market Remains Tight

EVERETT, WA-Huddled around three regional malls spanning two counties, the 1.25-million-sf Northend office market has the lowest vacancy rates in the Puget Sound, according to the latest report from CB Richard Ellis.

By Janet Parker | Updated on September 18, 2001

EVERETT, WA-The Northend office market is the place to be right now, according to the latest data on the submarket, which contains 125 buildings hosting approximately 4.95 million sf of office space.

The Northend market lies north of Lake Union and the University of Washington, and includes Northgate, Lynwood, Mountlake Terrace and Everett. It spans two counties, King and Snohomish, and is predominantly concentrated around three major shopping centers: Northgate, Alderwood and Everett malls.

It’s a winning strategy. The last quarter’s report from C.B. Richard Ellis places the Northend vacancy rate at a mere 4.57%, the lowest of Seattle’s submarkets. The average rent for class A space in the market is running $25.07 per sf, with the buildings closest to Seattle generally asking the highest rates.

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