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Real Estate
 Brian Miller Real Estate Editor |
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July 27, 2017
On the Block: When 2.9 million square feet are not enough
Four firms released quarterly reports this month on the local office market. Let's dive into the cold, deep numbers first, then apply the warm terrycloth towel of context.
Reporting on the second quarter, Jones Lang LaSalle estimates the regional vacancy rate has now shrunk to 8.5 percent. That's a big decline from 12.5 percent in 2013. As the market tightens, average asking rents are eking upward to over $35 per square foot. Class A office space downtown averages $43; in South Lake Union it's $39.
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Previous columns:
- On the Block: Lowe Enterprises buying Yesler Terrace site for a 547-unit apartment complex, 07-20-2017
- On the Block: It's showtime again at the Harvard Exit, 07-13-2017
- On the Block: Despite the turmoil, Seattle retail is doing fine, 06-29-2017
- On the Block: A long and winding road to the 128-unit Zella apartments on Lower Queen Anne, 06-15-2017
- On the Block: Coming attractions: What's next for the Guild 45th and Seven Gables theater sites?, 06-08-2017
- On the Block: City's first Living Building apartments: 42 zero-net units planned in Fremont, 06-01-2017
- On the Block: The Spring District is starting to sprout, 05-25-2017
- On the Block: LIHI moving HQ to ID, selling Belltown site, 05-18-2017