it's official: WSJ says Seattle IS special
Wow! The Wall Street Journal declares that the Seattle area really is special. We will weather the recession better than anywhere else. Those Pink Ponies are shure doing one heck of a job!
http://online.wsj.com/article/SB122099567426416521.html?mod=hps_us_inside_today
the Seattle region's office-, retail- and apartment-leasing markets still have outshined most major U.S. metropolitan areas by some key measures. While retail rents in most markets are falling, average Seattle-area retail rents are expected to rise 3% this year, the highest gain of 54 major markets tracked by Property & Portfolio Research, a real-estate research firm.
Office rents are expected to rise 4.5% this year, the second-biggest gain after Houston, though that will diminish next year as newly constructed space damps landlords' leverage. Average metrowide warehouse rents already are falling.
"I wouldn't say it's recession-proof, but Seattle's going to weather the recession a lot better than most markets," said Stephanie Hession, a real-estate economist with PPR. Still, even with Seattle's rents largely in positive territory, Ms. Hession says inflation will leave most landlords losing ground.
http://online.wsj.com/article/SB122099567426416521.html?mod=hps_us_inside_today
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