Commercial Real Estate
Another early indicator of a recovery in Seattle’s commercial real estate market
Providing an early indicator of a nascent recovery in commercial real estate, the number of environmental site assessments in Seattle was up 23 percent to 642 in the third quarter from the year before, more than double the 10.4 percent increase for western states as a whole, according to Environmental Data Resources Inc., a recognized…
There’s good news and bad news in real estate
It didn’t sound good when the Northwest Multiple Listing Service reported today that housing prices in King and Snohomish counties plunged by 16.5 percent in October from a year ago. The average price in King County fell to $370,000 while the average in Snohomish fell to $243,000. Average prices were depressed in part by the…
Home sales rise 35 percent
Though housing prices continued to stagnate, home sales showed healthy improvement throughout Washington state in August. According to new data from the Northwest Multiple Listing Service, buyers in King County closed on 1,775 residential homes in August 2011a 35 percent increase from a year ago, when buyers closed on 1,313 homes. Sale prices remained unchanged…
Talking Points: Bob McCleskey, CEO, Sellen Construction Company
Bob McCleskey, appointed CEO in 2008, miraculously survived a heart attack during a basketball game in March. Today he is taking advantage of a slow construction market to expand Sellens expertise, strengthen its collaborative culture and boost its productivity. THE HEART ATTACK: I sat on the bench after an intense first half on court, and…
Housing Sales Continue to Disappoint in March
Housing Sales Continue to Disappoint in March One-third of Seattle-area home sales in March resulted in the seller losing money, according to real estate firm Zillow. Last year just 22 percent of homes in King, Pierce and Snohomish counties sold for a loss. Despite the poor news, the Seattle metropolitan area actually outperforms the national…
Apartment Market Hot Now. But Is It Headed For a Bubble?
A friend was close to purchasing a large piece of property south of Seattle for a commercial venture when, at the last minute, the seller called to say he wasn’t gong through with the deal. Why? A pension fund had swooped in and offered 15 percent more for the property. The fund couldn’t find investments…
Signs of Life
For the past three years, a curious feature has been added to the landscape of Washington: the subdivision with no houses. Streets, cul-de-sacs, curbs with cutouts for driveways, light posts, utility boxesall the features of a standard suburban housing development would be in place, except for the houses. Or perhaps one house, standing by its…
Bucking the Trend
Despite high retail and office vacancy rates in the Portland-Vancouver metro area, developer Barry Cain is confident that the timing is right for new construction at a 32-acre site along Vancouvers Columbia River waterfront. Cains Gramor Development Inc. of Tualatin, Ore., in partnership with a group of private investors, envisions a mix of office, retail…
Bellingham’s Haggen sells share to Private Investment Firm
A majority share of Bellingham-based grocer Haggen Inc. has been sold to The Comvest Group, a private investment firm headquartered in West Palm Beach, Florida. This deal marks the end of Haggen Inc.s long history as a family-owned company, although a significant minority share of Haggen Inc. will be retained within the Haggen family and…
Multinational Skanska Places Bets on Seattle Real Estate
Skanska USA is showing optimism about the Seattle real estate market by expanding it’s presence here. Skanska USA, which is part of a multinational giant headquartered in Stockholm, already has a building and civil unit in Seattle with 434 employees. The company has now added a commercial development led by Lisa Picard as Executive Vice…
Before and After: The The UWs Foster School of Business
The University of Washington Foster School of Business’ former home, Balmer Hall, was considered an unpleasant learning environment. And ugly. Its new home, Paccar Hall, is designed to foster interaction and connectivity among its students with flexible classroom spaces.
Good News: Looks Like We’ve Hit Bottom in Commercial Real Estate
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…
LEEDing the Way in a New Year
Early this year, a significant milestone in the green-building movement will occur as the U.S. Green Building Council (GBC) goes live with LEED 2009, a significant update of its renowned building rating system. Leadership in Energy and Environmental Design (LEED) is a certification that provides independent, third-party verification that a building project meets the highest…