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Points of Light Seen in Market's Twilight

SEATTLE, WA-Preliminary first-quarter market data from the Seattle office of Colliers International shows that across the board, real estate in Puget Sound continues to struggle. It also shows there are a few bright spots, too.

By Janet Parker | Updated on April 02, 2002

SEATTLE, WA-For the most part, first quarter statistics released late last week by Colliers International will be inciting neither celebration nor riot. The Seattle office of the national brokerage says Puget Sound’s 10.77 million sf of offices are running direct vacancies of 10.55%, with the total topping out at 15.2%.

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.

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