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October 1, 2009

Seattle office vacancy hits 18.5%, rents fall

By LYNN PORTER
Journal Real Estate Editor

Office vacancy rose and rents fell in downtown Seattle and Bellevue as well as in the suburban Eastside market in the third quarter, according to a Cushman & Wakefield report released Wednesday.

Downtown Seattle vacancy climbed to 18.5 percent, a nearly four percentage point increase over the second quarter. The jump reflects downsizing by tenants, vacant space at the former WaMu Center, and the addition of the Fifth & Yesler and 2201 Westlake office projects to the market, the firm said.


 
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