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Seattle commercial property vacancy is on the rise:

Thats according to leading broker analyst Cushman & Wakefield who has been tracking the rate for 22 years. Other analysts have calculated anywhere between 17 and 20 percent, a few percentage points higher than last quarter. Either way, a record has been broken, leaving double the amount of space from the same time in 2008.

The vacancy rate has soared not only because demand for office space has declined, but because the supply of it has increased — “a devastating combination,” said Patrick Mullen, research analyst with Grubb & Ellis.

In 2009, many new building projects were undertaken however, luckily no new projects have been undertaken that would increase the supply of space, leaving the market purely up to demand in the coming months.

Source

Prostar Insurance

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  1. […] 5, 2010 With Seattle’s office vacancy above 20%, gym’s and workout clubs are turning office space into macho-mansions. One of the last things […]

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