Taking a bit of a break from the residential real estate world, let’s have a look at the commercial real estate picture. 2005 was good to commercial real estate:
Retailers in the Seattle and Bellevue area gobbled up store space at the fastest pace since the 1990s, responding to a strong regional economy and reports the Puget Sound area didn’t have as much retail space as other areas in the country.
…
Prime storefront space in downtown Seattle and Bellevue is nearly 100 percent occupied, virtually every shopping mall has expanded or is about to, and nearly a dozen suburban and semi-rural towns are building new retail districts as part of mixed-use projects.
The article is light on numbers, so it’s hard to say what kind of change prices saw, but I think it’s safe to say that now that vacancy is near zero, rents will be going up if they aren’t already. Lucky retailers.
(Tom Boyer, Seattle Times, 12.28.2005)
According to the “housing tracker” site (www.benengebreth.org/housingtracker/): Seattle has at long last joined the list of US cities whose homes are no longer appreciating.
Only 2 major cities continue appreciating, (albeit slightly): Raleigh,NC and Houston. I’m sure they will be joining the rest of the US in the downward slide soon!!
Tim: can you add a link to the “housing Tracker” site? It is fascinating to watch the bottom fall out.