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Seeds of Construction Await Better Climate

SEATTLE-The clatter of jackhammers breaking ground on new office projects around Puget Sound is a rarity in these economically challenging times. But developers-- knowing what goes down must someday come up -- are making more than 23 million sf of plans.

By Janet Parker | Updated on January 29, 2002

SEATTLE-As is the norm during the downward stroke of the commercial real estate cycle, developers are holding off putting new buildings in the ground. But that isn’t to say the development process is dormant. According to a fourth quarter report out of the Seattle and Bellevue offices of Grubb & Ellis, nearly 23.3 million sf of new product is on the boards in greater Seattle and the Eastside.

In downtown Seattle, Grubb & Ellis measures just over 8.45 million sf in 34 planned projects–the largest being the 1.1-million-sf 801 First Avenue South by developer Martin Smith. The question on this project, as with most of those in planning, is: when?

Chris Vay a research analyst with the Bellevue office of Grubb & Ellis tells GlobeSt.Com while surveying developers for the report, “A lot of the people I talked to were uncertain about their start dates. Because of the down market and the small amount of preleasing that’s been happening, they couldn’t say when they would be able to start building.”

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