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In Inland Empire, Developers Expect Longer Lease-Ups

SPOKANE, WA-The building will deliver 28,000 sf of class A office space to an economically-weakened high-tech area. No tenants are signed yet, but that does not concern Bruce Miller who says the project's interest reserve provides plenty of leeway.

By Janet Parker | Updated on January 06, 2002

SPOKANE, WA-Bruce Miller, VP of WAM Enterprises, has been developing in small towns across the Northwest since mid-1970. An oddity peculiar to Spokane, he says, is that the word “preleasing” seems part of a foreign language. ”Tenants tend to show up after a building is complete,” says Miller. Fortunately, the financing on WAM’s newest project has a long lease-up fuse.

On March 1st Miller will deliver a 28,000-sf class A office building at 23321 East Knox in the Liberty Lake area of Spokane—about 15 miles east of downtown and almost to the Idaho border. Does WAM have any tenants signed yet? “No,” Miller answers simply. Is he concerned? The answer again is “no.”

“We’ve done a lot of spec buildings in Spokane over the years and consider ourselves fortunate if we have one tenant before completion,” Miller offers, adding, “So, we pick our lenders carefully. Building in this market—you have to have the right lender.”

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