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EOP Director Sees Signs of Market Movement

BELLEVUE, WA-"Activity to me," explains EOP's Seattle Director Patrick Callahan, "is the number of showings and transactions. Those are they key indicators, and we're seeing increased levels of both compared to the first quarter of 2001.

By Janet Parker | Updated on February 07, 2002

BELLEVUE, WA-Patrick Callahan, director of Equity Office Properties’ Seattle region, says he’s beginning to see the first signs of an office market recovery in Downtown Bellevue, though it may be a while before office vacancies here are back to “normal.”

Callahan echoes many opinions that the economy will experience some solidity later this year–and, he says, there is already some movement that direction for the local real estate market. Citing a report of Seattle-based Washington Partners on Puget Sounds office market Callahan says, “The good news is that the fourth quarter ended with more activity than the previous three quarters.”

“Activity to me,” explains Callahan “is the number of showings and transactions. Those are they key indicators, and we’re seeing increased levels of both compared to the first quarter of 2001. It’s not where it was two years ago, but this suggests that the economic predictions are accurate and that we’ll see recovery in the second and third quarters this year.”

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