At the beginning of the year Grubb & Ellis predicted that Seattle "landlords will continue to have trouble finding major tenants in 2002." Nevertheless, corporate tenants signing new leases here are getting a substantial break to the bottom line in the form of rents in comparison to previous years.
The Grubb & Ellis/Frank Knight study ranks the selected markets from the most to the least expensive and compares costs between the fourth quarters of 2000 and 2001. Calculations were based on average annual rents, plus the "typical expenses" borne by tenants—such as the costs of common maintenance.
In Seattle's prime office sector, average annual occupancy costs dipped 14.1% from the fourth quarter 2000's $36.45/sf to $31.32/sf during the same period 2001.
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