{"id":8691,"date":"2009-12-28T09:23:52","date_gmt":"2009-12-28T17:23:52","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=8691"},"modified":"2009-12-28T09:23:52","modified_gmt":"2009-12-28T17:23:52","slug":"its-a-great-time-to-rent-office-space","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/12\/28\/its-a-great-time-to-rent-office-space\/","title":{"rendered":"It’s a Great Time to Rent (Office Space)"},"content":{"rendered":"

A great article in today’s Seattle Times by Eric Pryne gives a nice review of 2009 in commercial real estate around Seattle<\/a>.<\/p>\n

In 2007, developers excavated a deep hole in downtown Seattle at Second Avenue and Pine Street for the foundation of a 23-story luxury hotel and condo tower.<\/p>\n

They filled the hole in 2009.<\/p>\n

That pretty much captures the kind of year it’s been for commercial real estate in the Seattle area.<\/p>\n

The development pipeline dried up. A few projects were halted midconstruction.<\/p>\n

Office and industrial vacancy rates soared. Rents fell. Condo developers, desperate for sales, resorted to auctions and big price cuts to unload units. Banks foreclosed on some properties.<\/p>\n

And 2010 won’t be any better, according to year-end forecasts by developers, brokers and other industry insiders.<\/p>\n

“2010 in my world is going to be rough,” Bart Brynestad, who heads the Seattle office of industrial developer Panattoni Development, told one recent industry gathering.<\/p>\n

“I think we have just seen the tip of the iceberg on what’s coming,” said Tom Parsons, senior vice president of developer Opus Northwest.<\/p>\n

The tip was sobering enough. During 2009 developers delivered 2.4 million square feet of new office buildings in greater downtown Seattle \u2014 the equivalent of more than 1 \u00bd Columbia Centers. At last count, more than 90 percent of it remained unleased.<\/p><\/blockquote>\n

The attached graphic<\/a> (pdf) shows that office vacancy rates have gone from around 8% in 2006 and 2007 to nearly 20% in 2009.<\/p>\n

Looks like it’s a great time to rent office space in Seattle.<\/p>\n

(Eric Pryne, Seattle Times<\/a>, 2009.12.27<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"

A great article in today’s Seattle Times by Eric Pryne gives a nice review of 2009 in commercial real estate around Seattle. In 2007, developers excavated a deep hole in downtown Seattle at Second Avenue and Pine Street for the foundation of a 23-story luxury hotel and condo tower. They filled the hole in 2009….<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[198],"tags":[310,311,31],"coauthors":[],"class_list":["post-8691","post","type-post","status-publish","format-standard","hentry","category-news","tag-commercial","tag-pryne","tag-seattle_times"],"yoast_head":"\nIt's a Great Time to Rent (Office Space) \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2009\/12\/28\/its-a-great-time-to-rent-office-space\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"It's a Great Time to Rent (Office Space) \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"A great article in today’s Seattle Times by Eric Pryne gives a nice review of 2009 in commercial real estate around Seattle. 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