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Third Quarter Report: Overall CBD Vacancy Climbs to 11.9%

SEATTLE-The vacancy rate grew 1.6 percentage points from the second quarter to the third, a much slower pace than the 3.5 percentage point gain between the first and second quarters, according to the latest data from Cushman & Wakefield.

By Gina Binole | Updated on September 27, 2001

SEATTLE-The Downtown office vacancy rate grew at its slowest rate in exactly a year, according to a third quarter report released Tuesday afternoon by Cushman & Wakefield’s Seattle office. As it stands, the overall downtown vacancy rate is 11.9%, up from 1.7% in the third quarter of 2000, when vacancies first began to rise again after five consecutive quarters of positive absorption that left vacancy rates at a paltry 0.9% in the second quarter of 2000.

There is currently 4.05 million sf available in the Central Business District, and 40% of it comprised of sublease space. Vacancies are 15.5% higher than they were in the second quarter, according to the report. The good news it’s the slowest percentage growth of any quarter in the past year. The overall vacancy rate has grown by more than 50% in each of the past four quarters, according to the report.

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