Washington Partners
Steve Hisken of Washington Partners said one of the significant changes in the real estate market is the sublease phenomenon, with as much as 1.4 million square feet now available in the Seattle market.
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Hisken, who was on the landlord side of the real estate market for 20 years before coming to Washington Partners, has seen many cycles and isn’t worried about this one. He predicted the Seattle economy will continue to do well, over the long run.
“I think some of the checks and balances that are in place in the financial institutions will prevent an oversupply of office space,” Hisken said, referring in part to a recent FDIC decision to put the Seattle market on watch for being potentially overbuilt.
“Business has been very good for our firm,” he said.
Three-and-a-half-year-old Washington Partners recently opened an office in Bellevue to complement its Seattle operations. It is staffed with six sales people and one support person.
“We found that some of our clients are interested in the Eastside, in terms of office space,” Hisken said.
The firm also moved its Seattle operations earlier this month into One Convention Place from 520 Pike Tower. Hisken said the new offices provide about 3,000 square feet of space while the old space was about 2,500 square feet.
Hisken said the bulk of Washington Partner’s business is tenant representation -- helping companies get the best deal when moving into a new location or helping them sublet extra space. The company also works with landlords to retain or fill vacancies for new and existing buildings. Some of the tenants represented by Washington Partners include Moss Adams, Real Networks, Amazon.com, F5 Networks and Weyerhaeuser.
Although Washington Partners is a relatively new firm, Hisken was quick to point out its employees have extensive experience and the firm is one of the most active in the downtown Seattle market.
Hisken said his firm has no additional expansion plans at this point. He wants to focus on doing the best job for clients.