Comments on: “Out here in Seattle, we were living in a bubble.” http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/ News & discussion about real estate & the housing bubble in the Seattle area. Sat, 21 Nov 2009 10:02:55 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: softwarengineer http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59436 softwarengineer Wed, 22 Oct 2008 15:58:27 +0000 http://seattlebubble.com/blog/?p=3094#comment-59436 YES TIM I'd add the Boeing strike(s?) impact(s) and a crashed stock market to the witches brew. I see chronic "For Lease" signs all over the place and they're building more? Must be a huge tax advantage to build more and more empty office space? Maybe the materials and contractor estimates are real low right now with a tanked construction business and investors are gambling on the future, like Buffet?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59436','softwarengineer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59436','softwarengineer','YES TIM\r\n\r\nI\'d add the Boeing strike(s?) impact(s) and a crashed stock market to the witches brew. \r\n\r\nI see chronic \"For Lease\" signs all over the place and they\'re building more?\r\n\r\nMust be a huge tax advantage to build more and more empty office space?\r\n\r\nMaybe the materials and contractor estimates are real low right now with a tanked construction business and investors are gambling on the future, like Buffet?',''); return false;">Quote</a></div> YES TIM

I’d add the Boeing strike(s?) impact(s) and a crashed stock market to the witches brew.

I see chronic “For Lease” signs all over the place and they’re building more?

Must be a huge tax advantage to build more and more empty office space?

Maybe the materials and contractor estimates are real low right now with a tanked construction business and investors are gambling on the future, like Buffet?

Reply – Quote
]]> By: deejayoh http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59435 deejayoh Wed, 22 Oct 2008 15:37:35 +0000 http://seattlebubble.com/blog/?p=3094#comment-59435 I think they changed the headline in the Seatlte Times article, or posted a new one on the same topic (with the same byline!) From this morning: <a href="http://seattletimes.nwsource.com/html/realestate/2008295020_uli22.html?syndication=rss" rel="nofollow"><b>Seattle beats rivals in bleak commercial real-estate picture</b></a><div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59435','deejayoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59435','deejayoh','I think they changed the headline in the Seatlte Times article, or posted a new one on the same topic (with the same byline!)\r\n\r\nFrom this morning: <a href=\"http:\/\/seattletimes.nwsource.com\/html\/realestate\/2008295020_uli22.html?syndication=rss\" rel=\"nofollow\"><b>Seattle beats rivals in bleak commercial real-estate picture<\/b><\/a>',''); return false;">Quote</a></div> I think they changed the headline in the Seatlte Times article, or posted a new one on the same topic (with the same byline!)

From this morning: Seattle beats rivals in bleak commercial real-estate picture

Reply – Quote
]]> By: Scotsman http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59431 Scotsman Wed, 22 Oct 2008 07:15:53 +0000 http://seattlebubble.com/blog/?p=3094#comment-59431 We're #1!........ aft-most deck chair on the Titanic!<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59431','Scotsman',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59431','Scotsman','We\'re #1!........ aft-most deck chair on the Titanic!',''); return false;">Quote</a></div> We’re #1!…….. aft-most deck chair on the Titanic!
Reply – Quote
]]> By: Aaron http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59429 Aaron Wed, 22 Oct 2008 06:34:40 +0000 http://seattlebubble.com/blog/?p=3094#comment-59429 $227/sq foot? Are we sure we can't rezone that residential?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59429','Aaron',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59429','Aaron','$227\/sq foot?\r\n\r\nAre we sure we can\'t rezone that residential?',''); return false;">Quote</a></div> $227/sq foot?

Are we sure we can’t rezone that residential?

Reply – Quote
]]> By: Herman http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59428 Herman Wed, 22 Oct 2008 05:29:49 +0000 http://seattlebubble.com/blog/?p=3094#comment-59428 My VP of Engineering today told me that he's getting way more job applications now. He's trying to fill 15 positions and said he hasn't seen this many qualified candidates since pre-2005. And me, personally, I used to get 100% headhunter calls, and now I'm 50-50 headhunters vs. unsolicited job applications. Get ready, folks. It's coming to Seattle.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59428','Herman',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59428','Herman','My VP of Engineering today told me that he\'s getting way more job applications now. He\'s trying to fill 15 positions and said he hasn\'t seen this many qualified candidates since pre-2005. \r\n\r\nAnd me, personally, I used to get 100% headhunter calls, and now I\'m 50-50 headhunters vs. unsolicited job applications.\r\n\r\nGet ready, folks. It\'s coming to Seattle.',''); return false;">Quote</a></div> My VP of Engineering today told me that he’s getting way more job applications now. He’s trying to fill 15 positions and said he hasn’t seen this many qualified candidates since pre-2005.

And me, personally, I used to get 100% headhunter calls, and now I’m 50-50 headhunters vs. unsolicited job applications.

Get ready, folks. It’s coming to Seattle.

Reply – Quote
]]> By: Joel http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59426 Joel Wed, 22 Oct 2008 05:25:34 +0000 http://seattlebubble.com/blog/?p=3094#comment-59426 At least those Yahoos won't have to suffer the indignity of working for Microsoft... or working at all for that matter.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59426','Joel',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59426','Joel','At least those Yahoos won\'t have to suffer the indignity of working for Microsoft... or working at all for that matter.',''); return false;">Quote</a></div> At least those Yahoos won’t have to suffer the indignity of working for Microsoft… or working at all for that matter.
Reply – Quote
]]> By: Brian http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59425 Brian Wed, 22 Oct 2008 03:52:08 +0000 http://seattlebubble.com/blog/?p=3094#comment-59425 No crap. When I was looking for office space in Marysville, it drove me nuts. People were looking for absurdly high rents, but they had been vacant for almost a year. just inane.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59425','Brian',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59425','Brian','No crap. When I was looking for office space in Marysville, it drove me nuts. People were looking for absurdly high rents, but they had been vacant for almost a year. just inane.',''); return false;">Quote</a></div> No crap. When I was looking for office space in Marysville, it drove me nuts. People were looking for absurdly high rents, but they had been vacant for almost a year. just inane.
Reply – Quote
]]> By: S-Crow http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59423 S-Crow Wed, 22 Oct 2008 03:12:58 +0000 http://seattlebubble.com/blog/?p=3094#comment-59423 CRE is entering into a challenging environment. Up in Sno Co. & Everett area there seems to be quite a few vacancies. Some of the Craigslist postings for CRE border on entertainment, thinking they are going to get leasing rates for Class A office space at similar rates to Bellevue and Seattle proper. Many have been posting for months.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59423','S-Crow',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59423','S-Crow','CRE is entering into a challenging environment. Up in Sno Co. & Everett area there seems to be quite a few vacancies.\r\n\r\nSome of the Craigslist postings for CRE border on entertainment, thinking they are going to get leasing rates for Class A office space at similar rates to Bellevue and Seattle proper. Many have been posting for months.',''); return false;">Quote</a></div> CRE is entering into a challenging environment. Up in Sno Co. & Everett area there seems to be quite a few vacancies.

Some of the Craigslist postings for CRE border on entertainment, thinking they are going to get leasing rates for Class A office space at similar rates to Bellevue and Seattle proper. Many have been posting for months.

Reply – Quote
]]> By: deejayoh http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59422 deejayoh Wed, 22 Oct 2008 03:05:17 +0000 http://seattlebubble.com/blog/?p=3094#comment-59422 Ooh. I love it when you have dueling quotes from the same source in two articles

From the NYT:

It’s an abrupt turnaround since last year, when Grubb & Ellis, a commercial real estate brokerage, and the Urban Land Institute both named Seattle as one of the top five office markets in the country for investors.

From the Times:

The forecast, “Emerging Trends in Real Estate 2009,” was released today by the Urban Land Institute and PriceWaterhouseCoopers. It bases its assessment of the overall commercial real-estate situation and individual markets on surveys and interviews with about 700 developers, investors, lenders, brokers and other professionals.

To be fair, the ULI seems consistently bullish on Seattle – but it is funny to see the positioning in the two stories be so different

Reply – Quote
]]> By: SM http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59421 SM Wed, 22 Oct 2008 00:57:28 +0000 http://seattlebubble.com/blog/?p=3094#comment-59421 Good post. It's funny we are hearing similar things down here in San Francisco about staying alive in this economic downturn. I think being able to survive 2009 is going to be very important. Many brokers are saying its going to be a tough year. Sean Murphy, Rofo - San Francisco Office Space <em>[editor's note: business link moved to comment name field per the <a href="http://seattlebubble.com/blog/2008/08/06/seattle-bubble-comment-policy/" rel="nofollow">comment policy</a>]</em><div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59421','SM',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59421','SM','Good post. It\'s funny we are hearing similar things down here in San Francisco about staying alive in this economic downturn. I think being able to survive 2009 is going to be very important. Many brokers are saying its going to be a tough year.\r\n\r\nSean Murphy, Rofo - San Francisco Office Space\r\n<em>[editor\'s note: business link moved to comment name field per the <a href=\"http:\/\/seattlebubble.com\/blog\/2008\/08\/06\/seattle-bubble-comment-policy\/\" rel=\"nofollow\">comment policy<\/a>]<\/em>',''); return false;">Quote</a></div> Good post. It’s funny we are hearing similar things down here in San Francisco about staying alive in this economic downturn. I think being able to survive 2009 is going to be very important. Many brokers are saying its going to be a tough year.

Sean Murphy, Rofo – San Francisco Office Space
[editor's note: business link moved to comment name field per the comment policy]

Reply – Quote
]]> By: Ben http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59420 Ben Wed, 22 Oct 2008 00:35:32 +0000 http://seattlebubble.com/blog/?p=3094#comment-59420 Tim - another bit of news that is impactful is YHOO laying off 1500 people. This is a sign of things to come I think.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59420','Ben',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59420','Ben','Tim - another bit of news that is impactful is YHOO laying off 1500 people. This is a sign of things to come I think.',''); return false;">Quote</a></div> Tim – another bit of news that is impactful is YHOO laying off 1500 people. This is a sign of things to come I think.
Reply – Quote
]]> By: patient http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59418 patient Wed, 22 Oct 2008 00:25:32 +0000 http://seattlebubble.com/blog/?p=3094#comment-59418 “It rose to the top spot only because other markets are expected to suffer more from the economic downturn, the report’s authors said.”

Where do they get this idea from? No supporting data just a statement. Is it just a wild guess based on the perfomance to date? Nope it’s worse, local cheer leaders whose business depends on it.

“It bases its assessment of the overall commercial real-estate situation and individual markets on surveys and interviews with about 700 developers, investors, lenders, brokers and other professionals.”

Reply – Quote
]]> By: Denny Retrograde http://seattlebubble.com/blog/2008/10/21/%e2%80%9cout-here-in-seattle-we-were-living-in-a-bubble/#comment-59416 Denny Retrograde Wed, 22 Oct 2008 00:02:32 +0000 http://seattlebubble.com/blog/?p=3094#comment-59416 Great roundup, Tim! The Blume quote is really funny. If HE'S saying we were in a bubble, none of the usual local shills can say boo to that. Well done.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59416','Denny Retrograde',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59416','Denny Retrograde','Great roundup, Tim! The Blume quote is really funny. If HE\'S saying we were in a bubble, none of the usual local shills can say boo to that. Well done.',''); return false;">Quote</a></div> Great roundup, Tim! The Blume quote is really funny. If HE’S saying we were in a bubble, none of the usual local shills can say boo to that. Well done.
Reply – Quote
]]>