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A Special Feature of DJC.COM Oct. 3, 2002 |
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Feature Stories
"Uncommon site poses steep challenges," |
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With office vacancy rates in downtown Seattle hovering around 15 percent, the last thing it needs is a new high-rise, right? Rob Hollister begs to differ. “From a vacancy rate standpoint, (the IDX Tower) is not going to have a significant impact at all,” the Hines executive said. With much of the space already leased, Hollister said, the remaining 145,000 square feet will make up just a tiny fraction of the city’s office market when it comes on line. If anything, the new high-rise will add a sense of vibrancy to Seattle’s downtown, he said. “As people go through the building and see the tenants moving in, it will remind them of reasons to be in downtown Seattle,” Hollister said. Tim O’Keefe at Colliers International echoed that sentiment. “It is the first major tower to be built downtown in some time, and it shows the city is continuing to show growth,” said O’Keefe, whose real estate brokerage represents Hines at IDX. Prospective tenants have responded well to the building, O’Keefe said, particularly now that they can see it from the inside. The Downtown Seattle Association also sees the project as a plus for the city. “We’re excited about any growth in Seattle,” said marketing director Sylvia McDaniel. “Even though our vacancy rate has climbed,” she said, “we’re very optimistic that the economy will rebound in 2003.” A healthy, growing downtown will encourage other companies to migrate there, McDaniel said, citing Bellevue-based Corbis’ move to the Dexter Horton Building on Second Avenue. “They look at downtown as a great place to do business,” she said. — By Jon Silver |
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