Carolyn Davis with the research department of the Seattle office of Cushman & Wakefield tells GlobeSt.com the brokerage house is in the latter stages of compiling the number on the office market around Puget Sound.

Davis says downtown Seattle's offices (including all classes) closed 2001 with a direct vacancy rate of 8.1% and an overall rate of 13%. With the caveat that Cushman & Wakefield has yet to finalize the numbers, but she estimates that the first quarter rate in this 34.4-million-sf sub-market has bumped up about a percentage point.

At year end, rates for Class A space were running 4.2% for direct and 9.2% overall. With leases expiring on vacant space that has been up for sublease in downtown, Davis expects a one percent increase in directs. "But I don't expect the overall rate to have grown as quickly," says Davis adding, "I believe that figure will still be below 10%."

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