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January 8, 2009

Office rents here may fall 10-20%

  • Cushman & Wakefield says the credit crunch, tight-fisted consumers, a weak housing market and layoffs have caught up with this region.
    • By LYNN PORTER
    Journal Real Estate Editor

    Expect local office and retail vacancies to rise and rents to stagnate or fall this year as the economic downturn takes it toll, Cushman & Wakefield said in its fourth quarter market report released Wednesday.

    The firm predicts Seattle office rents this year will fall 10 percent — and up to 20 percent in some cases — but hold firm on the Eastside. Puget Sound region retail rents will drop by 10 percent.


     
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