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Wednesday, February 5, 2014

Seahawk Sardines at 4th & Union

Here is a photo from the 53rd floor of the Two Union Square Building looking down on 4th & Union. You can see that even a half mile into the parade route the streets are JAMMED with people. Seattle Office space lobbies will surely be packed along 4th today. Good luck to everyone trying to get in. Or out for that matter.

Friday, January 31, 2014

Seattle Commercial Real Estate News Update

Puget Sound News & Events

Amazon pays $52 million for another full block in downtown Seattle
Puget Sound Business Journal
SEATTLE - on Friday exercised its right to buy another block in downtown Seattle from Clise Properties, public records show. more »

$650 million plan could double convention center size
Puget Sound Business Journal
SEATTLE - The Washington State Convention Center in Seattle has been talking about expanding for years. more »

Russell Investments owner says sale is being considered
Puget Sound Business Journal
SEATTLE - The Milwaukee company that owns Russell Investments said Monday that a sale is being considered as one of the options for the Seattle financial services Company's future. more »

Trammell Crow unveils plans for 21-story office tower in downtown Seattle
Puget Sound Business Journal
SEATTLE - Real estate developer Trammell Crow Co. wants to start building an office high-rise in downtown Seattle's Denny Triangle by the end of 2014. more »


Real estate roundup: Another office tower planned for Bellevue
Puget Sound Business Journal
BELLEVUE - Here are some commercial real estate stories from the week. Goldsmith Land Investments, a subsidiary of Eastside engineering firm Hugh G. Goldsmith and Associates, is planning a 15-story office building at 305 108th Ave. N.E. in downtown Bellevue. more »


Apartment revival: Multifamily housing market cautiously coming back
The News Tribune
TACOMA - When the housing industry collapsed six years ago, that implosion slammed the door hard on what had been a vigorous multifamily construction development business in the South Sound and across the country. more »

Cadence Capital sells Uptowner Apartments for $3.9 million; Kuma Investments acquires 21 unit in Seattle
SEATTLE - Cadence Capital LLC sold the 21-unit Uptowner apartment building at 229 1st Ave in Seattle, WA to Kuma Investments LLC for $3.9 million, or about $186,000 per unit. more »

Local Developer Sells Seattle Apt Bldg
SEATTLE - A private investor acquired the six-story, 23-unit multifamily building at 420 Queen Anne Ave N in Seattle, WA from a local developer for $8.49 million, or approximately $370,000 per unit. more »


Market Trend: Seattle / Puget Sound's Retail Vacancy Stays at 5.5%
SEATTLE - The Seattle/Puget Sound retail market did not experience much change in market conditions in the fourth quarter 2013. more »

Matador Restaurateurs have millions of reasons to celebrate
Puget Sound Business Journal
SEATTLE - Nate Opper and Zak Melang can afford to be generous. They own seven Matador restaurants that Melang says grossed more than $30 million last year, and they recently added an eighth. more »

Tacoma IGA closure to lead to new Browns point store
Business Examiner
TACOMA - Downtown Tacoma may be losing its IGA-branded grocery location, but a new IGA will soon take its place - a few miles to the north in Browns Point. more »

Downtown Seattle WSU retail store moving
Puget Sound Business Journal
SEATTLE - The downtown Seattle Washington State University retail store is moving from Westlake Center to 411 Union St. in Rainier Square by April. more »

Seattle's Monsoon restaurant expanding, with flexibility as its goal
Puget Sound Business Journal
SEATTLE - Sibling chef-owners Eric and Sophie Banh are expanding their original Monsoon restaurant in Seattle's Capitol Hill neighborhood. more »


New Home Sales disappoint in December, but still up 16.4% for 2013
Puget Sound Business Journal
SEATTLE - Sales of new homes fell by 7 percent in December, a larger decline than expected, but before you get too worried about the state of the housing market, consider this: Despite last month's drop, new home sales jumped 16.4 percent for 2013 as a whole, according to the Census Bureau. more »

Starbucks names chief operating officer as Schultz shifts focus
Puget Sound Business Journal
SEATTLE - Starbucks named Troy Alstead to be chief operating officer of the Seattle-based coffee retailer, as chairman, president and CEO Howard Schultz announced plans to shift his focus. more »

Bill Gates may be out, Stya Nadella may be in: Microsoft board close to CEO announcement
Puget Sound Business Journal
REDMOND - Bill Gates may be stepping down as chairman of Microsoft and the company's cloud and enterprise leader, Satya Nadella may soon be announced as the next CEO. more »


For U.S. office market, it was a very good year
NATIONAL - Investors are cheering the gains in asset values seen during 2013 from a strengthening recovery in the U.S. office market, and looking forward to an even brighter 2014 as virtually all the important metrics that drive rent growth and property inceome are expected to continue to improve over the next 12 months. more »

Hit by slowing growth at home, Chinese investors shift billions to U.S. real estate
NATIONAL - Chinese investors broke sales records in their drive to purchase U.S. commercial real estate in 2013, and analysts expect they will remain active in the global market, with untapped billions more to invest in the coming years. more »

Capitalization Rates Abate
The Wall Street Journal
NATIONAL - Capitalization rates, used by real-estate investors to measure the annual return of income-producing properties, declined for many property types in 2013, according to data from Real Capital Analytics in New York. more »

Economy in U.S. grew 3.2% as consumer spending picked up
Bloomberg News
NATIONAL - Chinese investors broke sales records in their drive to purchase U.S. commercial real estate in 2013, and analysts expect they will remain active in the global market, with untapped billions more to invest in the coming years. more »

64 percent of commercial real estate experts predict increased search traffic in 2014
inMotion Real Estate Media
NATIONAL - One of the areas of CRE that's most changed over the past couple of years is marketing. From business cards and handshakes, we've gone to bounce rates and HTML. Real-world marketing is still of vital importance, but it's becoming harder for businesses to ignore the ever-increasing presence of online marketing as a channel for generating business. more »

Friday, January 24, 2014

Recent Seattle Commercial RE News: Week of January 20th, 2014

Pioneer Square's Merrill Place sells for $57.7M
Puget Sound Business JournalSEATTLE - Hudson Pacific Properties Inc. said it's purchased the Merrill Place office development in Seattle's Pioneer Square neighborhood for $57.7 million. more »

Legacy office project planned for the heart of Seattle's Capitol Hill
Puget Sound Business JournalSEATTLE - Another developer is making plans to capitalize on the lack of office space in the Capitol Hill neighborhood of Seattle. more »

Another office building on Seattle's waterfront trades hands
Puget Sound Business JournalSEATTLE - World Trade Center East, a six-story downtown Seattle office building, has sold for $74.5 million, public records show. more »

Wednesday, January 22, 2014

Fourth Quarter 2013 Office Market Report

The office leasing market in the Puget Sound had a strong finish in 2013. The first and second quarters where somewhat slow, while the second half picked up steam. For the year, the Puget Sound office market recorded nearly 1.5 million square feet of absorption. This brought the overall vacancy rate to the lowest it has been since the first quarter of 2008.

Looking to the future, expect rents to continue rising modestly in 2014, while vacancies should continue to decrease. 

For those of you in Seattle or Bellevue you might notice the plethora of cranes dotting the skyline. Most of these can be attributed towards multi-family buildings. Currently there are over 7.5 million square feet of office buildings being proposed for Bellevue, but none of them have broken ground yet. Most if not all of these developers are courting large anchor-tenant suitors so that they may break ground and begin construction. It remains to be seen whether any of these will be built on speculation without an anchor tenant in tow.

In Seattle there are three office buildings currently being built ‘on spec’ without an anchor tenant in tow. These new buildings will add 1.47 million square feet when they are eventually delivered. In addition there are proposed office projects that would create 11.8M square feet of new office space none of which are being built at this time.

For a more detailed account of each market and the respective activity, please call or email me so that I can send you the complete report. I’m also always available to discuss your specific situation and advise accordingly. Please feel free to call or email me if I can be of assistance.

Here is a snapshot of current vacancy and rental rates:

 Vacancy Rates:

Vacancy Rates
Class A
13.10 %
8.77 %
Class B
10.43 %
10.17 %
11.35 %
9.39 %

Rental Rates:

Rental Rates / SF / Year
Class A
Class B

Friday, November 22, 2013

Nailed it! Tech Office and Class A High Rise Space

More often than not, tech companies in Seattle tend to shy away from Class A high rise space, or anything that feels too 'corporate'.  Part of the allure to working in 'tech' is to be nonconformist, wear jeans, work odd hours, be geeky yet hip. The location of the office and work environment are usually key components to the recruiting strategy. Considering a Class A high rise office building downtown in Seattle with all of the 'suits' can sometimes be perceived as a turn off for tech companies similar to mixing oil and water.
44% of Seattle's work force use public transportation to get to and from work each day (I heard this statistic last night from Ivar's CEO at an FEI Chapter meeting so I will consider it fact).  Downtown Seattle's Central Business District is the most well served by public transportation than anywhere in the state of Washington. There are also more 'corporate' buildings in here than anywhere in the State. Wouldn't be nice if tech companies actually found them more appealing? Come on, let's make it inexpensive and easy for everyone to get to work, yet love where they work right?
Well, Whitepages certainly figured out out to do it. Their office is located in the Rainier Tower at 1301 5th Ave Seattle, WA 98101. Prime location real estate for downtown Seattle near every amenity and with convenient public transportation and easy on/off for freeway access. This building has 40 stories primarily with a tenant mix of professional service firms including the two anchor tenants of Milliman and Marsh Inc.
Whitepages had their open house last night to showcase their new office renovation. provided interviews along with a video tour. Two floors connected by internal staircase, external open work environment, plenty of interior conference rooms with floor to ceiling glass, tasteful whitepages branding throughout to add to their culture.  A Kitchen to drool over, that is useful for day-to-day operations, company wide events, and celebrations.  Wow, a place tech employees want to work, even in a downtown class A high rise office building. Check out the video:

Wednesday, November 20, 2013

Worth The Rent? Seattle High Rise Views.

A rare sunny November day in Seattle today.  We take each day of sunshine in the Fall/Winter very seriously in the Puget Sound and for good reason! Here are some fantastic views from my office at Two Union Square (601 Union St Seattle, 98101).  So do you think views from Seattle high rise office spaces are worth the extra rent?....well there isn't very much available so you better move quickly.  The last lease with high-rise views completed here went in the mid-$40 full service range. Rents are still rising...

Tuesday, November 12, 2013

3 Important Considerations When Looking For Office Space For Rent

3 Important Considerations When Looking For Office Space For Rent

Having an office is essential for the vast majority of businesses. Searching for the right office space for rent is critical for those who are serious about their company and employees.
A few considerations to start:
  • The Location of the Office Building
  • The Security of  the Office and Office Building
  • The Amount of Space Required
The Office Location
This aspect is usually one of the most important factor to consider. With the constantly increasing traffic problems, easy access for clients and employees tops the list. Transportation options for your  employees also needs to be considered, if you want to retain them. Having a building that is near a bus stop or other means of transportation may be a good idea.
Amenities that are near the office building itself are also important in keeping a happy workforce. Locations that have a few restaurants and shops in the area is a good consideration.
Office Security
Having a secure building is more important than just keeping the documents and information that is in the building secure, it is also about the mindset of the employees who are working there. It is best if they are able to have peace of mind while working. Security in the building is a big part of this.
Installing a business security system is the way to go. Some may also consider having an armed guard in the building depending on the type of business that is housed there. Find out more on office space security.
Office Space Required
How much space is just right? That is the question that everyone interested in looking for office space for rent or lease. Needless to say, it is important to not take on too much or too little space. Try our office space calculator to help in determining how much office space you might need. it is not intended to be exact, but will give you a good estimate of how much you should be considering.
These are just  three important considerations when looking for just the right office space for rent or lease. Also, check out our office space planning checklist to all the considerations you need to take into account.
If you want to rent office space and get the best deal possible, avoid costly mistakes and have a hassle free experience. Engage the services of a qualified office space tenant Rep, like the ones we have at OfficeFinder. For more information, contact us.
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