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April 13, 2023

ULI to address office anxiety

Is it time to panic yet? The office market continues its nationwide post-pandemic slump, as tech-firm layoffs and work-from-home continue to wreak havoc in cubicle-land. Seattle's office vacancy rate is still climbing, and leasing activity is down, down, down. In recent first-quarter reports, Kidder Mathews called the market “clearly struggling and highly volatile,” while Savills declared flatly, “Elevated availability may force landlords to pull back on face rental rates and increase concessions, as they seek to avoid vacancy-driven distress.” Thus a coming April 19 event from the Northwest chapter of the Urban Land Institute will be timely, if distressing. The title tells you everything you need to know, or already feel in your bones: “Adapting to an Uncertain Office Market.” The panel discussion will be at the downtown offices of MG2 (pictured). On hand will be Case Creal of Gensler, Kevin Eng of GLY Construction, Lori Hill of Unico Properties and Rico Quirindongo from the city's Office of Planning and Community Development. Details and registration: northwest.uli.org.




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