Photo courtesy of Cushman & Wakefield The sale last year of Associated Grocers’ giant Kent warehouse was brokered by Cushman & Wakefield.

“The market was good until September,” said Joseph McWilliams, Cushman & Wakefield’s managing director and branch manager in Seattle. “Many people were bullish on the future — with the Fed rate cuts money was readily available at very attractive prices — then came Sept. 11. For the next two to three weeks, transactions were put on hold — hotels, office buildings, multi-family projects.”

The market took a couple of months to adjust to the terrorist attack, then “about early December businesses starting saying ‘enough is enough’ and started putting projects back in place,” he said.

Still, Cushman & Wakefield had substantial lease transactions during 2001, including the $12.5 million sale of a 1.3 million-square-foot warehouse/distribution center in Kent by Associated Grocers to Lowe’s, Iron Mountain Records’ $2 million purchase of property for a new records storage center at Seaway Center in Everett and “a couple of pretty substantial lease transactions” for Alaska Airlines, he said.

“At a time when most airlines were struggling (after Sept. 11), Alaska Airlines was outperforming its competitors and growing, almost unheard at that time, providing a bright spot for 2001,” he said.

Presently, McWilliams sees a growing trend in inquiries about space from businesses that know there are deals to be had. There is a lot of available space to be dealt with, especially on the Eastside, including a combination of both direct and sub-lease space.

“With 12 percent office vacancy in Seattle and more confidence in the future, people are starting to look again, knowing they can buy real estate at a pretty attractive price. There are some good (recovery) indications out there,” he said.