Broderick Group

Specialty: Commercial real estate services — office, high-tech, industrial leasing and sales (Seattle and the Eastside); representation of tenants and property owners

Management: Principals John Black, Jason Furr, Steve Henderson, Al Hodge, Paul Jerue, Jim Kinerk, Chris Langer, Paul Sweeney, Jeff Watson

Founded: 1997

Offices: Bellevue and Seattle

Recent projects: Represented Astronics in a 98,000-square-foot lease renewal at Willows Commerce Park in Redmond; represented Nintendo of America in the acquisition of a new 147,000-square-foot warehouse/assembly facility at Totem Lake Commerce Center in Kirkland; representing Schnitzer West in the marketing/leasing of the 660,000-square-foot 1918 Eighth Avenue and the 233,000-square-foot 818 Stewart office towers in Seattle

Image courtesy of Broderick Group Broderick Group is helping Schnitzer West market and lease the 1918 Eighth Avenue and 818 Steward (foreground) office towers under construction in Seattle.

Broderick Group principal John Black said Seattle is being hit worse than Bellevue in the softening office market.

While there’s only one big office building under construction on the Eastside, there’s about a dozen in the larger Seattle market, he said.

“I think Seattle may be a little bit worse just because of the availability of new product,” he said.

Black expects office vacancy to continue to rise in Bellevue and Seattle and hopefully level off some time in 2009.

“As long as people are laying off people and people aren’t hiring, they typically don’t lease more space,” he said.

Efficient buildings

Black said a number of tenants are looking at the big office buildings Schnitzer West has under construction in Seattle. In these newer buildings, tenants can save on energy, and have more efficient floor plates and state-of-the-art mechanical and electrical systems, he said.

The challenge, Black said, is to get them to think of the long-term benefits in today’s uncertain economy.

“The big question is are they willing to step up and pay that little bit extra for the next 10 years,” he said. “Right now everybody’s thinking short term.”

Black said more tenants want to move into the area from Seneca and University streets north to Lake Union, with its 24-hour city feel, to attract and retain employees.

“The old financial district is a lot less desirable,” he said. “After work, if you think about it there’s nothing to do (there).”