Commercial Real Estate
Good News: Looks Like We’ve Hit Bottom in Commercial Real Estate
By Seattle Business Magazine October 5, 2010
Seattle office vacancy rates fell to 17.56 percent in the third quarter ended September 30, compared to 18% in the previous three months, suggesting a stabilization in the commercial market, Colliers International reported today.
Seattle benefited from a number of new tenants that signed letters of intent.The Institute for Systems Biology (ISB) signed a 140,000 SF lease at 401 Terry Ave. N (occupancy spring 2011), Cobalt will be moving into 100,000 SF at 605 Union Station towards the end of the year, Russell Investments Center signed four new office leases totaling 75,000 SF at the end of Q3 2010, and KPMG signed a letter of intent to lease 55,000 SF in 1918 8th Ave. In addition, Dendreon signed a letter of intent to take 191,000 SF, and may need another 60,000 SF at 635 Elliott and 645 Elliott respectively.
The Eastside market, meanwhile, saw its vacancy rate fall to 14.1 percent from 14.9 percent while South King County fell to 22.92 percent from 23.57 percent the quarter before.