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Tenants Advised to Seize Long-Term Deals

SEATTLE-A 2004 forecast by Grubb & Ellis suggests office tenants "will want to lock in favorable terms and concessions while they still can" even though rental rates have room to drop further.

By Mark Ruda | Updated on December 30, 2003

SEATTLE-The window may be closing for tenants looking for the most favorable office lease deals, suggests Grubb & Ellis Co. “Landlords may not be as aggressive six months from now and tenants will want to lock in favorable terms and concessions while they still can,” according to the company’s 2004 forecast for the local market.

Average asking gross lease rates in Downtown Seattle are up a full percentage point in the fourth quarter to $25.95 per sf, according to CB Richard Ellis Inc.’s local office report. In the Eastside submarket, asking gross lease rates inched up to $22.87 per sf. Meanwhile, Colliers International pegs fourth-quarter vacancy in the 21-million-sf CBD at 13.6%, 30 basis points higher than the third quarter.

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