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Wednesday, February 6, 2013

Seattle Skyline Review

Here is an interesting profile looking at which floors have vacancies in some notable Seattle Class A CBD  high-rise buildings:

These buildings make up some of the most expensive downtown office spaces available in Seattle's CBD. Every quarter, our research department at Colliers puts this report together and what is consistently interesting is that floors toward to the top of the building tend to stay occupied. Keep mind that the top floors are much more expensive than the lower floors. Even during the 'great recession', these top high-rise spaces continued to stay in high-demand.
The two largest chunks of vacant spaces can be found at the Columbia Center and 1111 3rd Ave. The majority Columbia Center's vacancy is left over space from's recent departure to their current HQ in South Lake Union.  1111 3rd is still reeling from from both Washington Mutual's collapse and then the relatively new ownership going into receivership.
There are quite a few stories here. Some items of note that I may write more about when time permits: The northern CBD buildings tend to perform better than the southern CBD buildings. The 'newer' buildings in this group filled up quicker than the 'older' buildings between 2008 to present.  The buying & selling, combined with the timing of the recession impacted the flexibility of some of these landlords.  Some of these buildings will continue to have a tough time for the foreseeable future despite our improving economy.  'Technology' tenants are some of the largest tenants in these high performing newer, expensive get the idea. But for now, I must post and continue with my day. If you'd ever like to discuss these buildings specifically, or just listen to commercial real estate stories of Seattle please don't hesitate to contact me.


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