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Overall Puget Sound Office Vacancies Hit 14.43%

SEATTLE, WA-Colliers newest report says it may be a while before the Puget Sound market can pick itself up off the mat, having suffered a one-two punch of economic turmoil and regional dot-com collapses.

By Janet Parker | Updated on January 11, 2002

SEATTLE, WA-”The majority agreement is that Washington state will be one of the hardest hit by the recession,” so says Colliers International in its Fourth Quarter 2001 market reports. The brokerage did not stack Puget Sound’s statistics side by side with the rest of the country’s–but, like last year’s Nisqually earthquake, the magnitude of the numbers speak for themselves.

Total vacancy in Puget Sound offices is now 14.43%. The 79.9-million sf inventory breaks out with a direct vacancy of 9.69% and 3.8 million sf in need of sub-tenants. Sub-lease measures have shrunk from recent quarters’ marks — a turn created in-part by landlords taking back space to market it themselves.

More striking than its year-end office vacancy rate of nearly 13% is the velocity of Downtown Seattle’s descent–when 2000 drew to a close, the rate was less than 3%. Across Lake Washington, the Bellevue central business district is eclipsed by vacancies—24% of its office buildings now stand in darkness like sentinels waiting to welcome a new market.

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