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Puget Sound Office Vacancy Rises through 1Q03

SEATTLE-As the first quarter comes to a close, overall office vacancy in the Greater Seattle region stands at 16.74% while Downtown Seattle vacancy is 16.14% and Eastside vacancy is 16.81%, according to a new report from the local offices of CB Richard Ellis.

By Brian K. Miller | Updated on March 26, 2003

SEATTLE-Puget Sound office vacancy continued to creep upward during the first quarter of 2003, according to a new report by the local offices of CB Richard Ellis.

Regionwide, overall vacancy rose from 16.12% in the fourth quarter to 16.74% in the first quarter, leaving about 13.4 million sf vacant, and average full-service class A asking lease rates decreased three pennies to $24.13 per sf per year.

Despite that, there was 92,704 sf of positive net absorption, due largely to the delivery of Downtown Seattle’s IDX Tower, an 845,000-sf building that came online about 75% leased to firms that expanded into the building from smaller leases in other Downtown Seattle buildings.

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