Unreserved monthly spots are running $247.50, and a reserved space is $300 a month. But, as the black hole of vacant space expands throughout Puget Sound, tenants signing new leases are finding some landlords are willing to foot their parking bills as a way of enticing them to the negotiating table.
Craig Hill, a vice president with the Bellevue office of Grubb & Ellis says inducements are particularly on the rise on the Eastside that took an even bigger hit than Seattle from the dot-com bust.
"Right now, the (incentives) trend is up substantially in Bellevue," says Hill, adding, "It's more difficult to analyze deals now to determine which is better for your client because there are so many things to look at…like TI allowances, moving allowances. And, parking can be factored into the scenario. People are looking at parking"."
According to Hill, monthly parking at the the City Center building is now running $140 to $170, with Civica offering spaces at $135 and Rainier Plaza is at $165.
For many companies, parking is a significant business expense that becomes even more so when one factors recent inflation trends. According to Collier's survey, rates for underground and covered parking had grown an across-the-board average of 14% in just one year -- with a jump of 33% since 1996.
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