On the industrial side, the house says that sector--with just over 189 million sf--is bumping up against a double-digit total vacancy rate with 9.88% and a direct measure of 7.64%. Nonetheless, there were a few slivers of silver lining about the otherwise overcast market.
Rob Aigner, Colliers executive managing director here, says, "The market appears to be warming up a bit." But he concedes the activity has only heated to a slow simmer, with renewals and cut-rate rent hunters responsible for the majority of deal flow.
As for what's hot and what's not, Jeanette Ferguson, an analyst with Colliers Seattle, tells GlobeSt.com, "Biotech is the buzz here. Everyone is hoping (that industry) will be a knight on a white horse for real estate."
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