Tuesday, 29 January 2013

Seattle commercial real estate market stays hot

Seattle commercial real estate market stays hot

Seattle's commercial real-estate market was one of the "most active in the country" in the fourth quarter, according to a new report.

A report by the Seattle office of Cushman & Wakefield indicates Seattle's Central Business District (CBD) saw a significant drop in office vacancy rates.

"Seattle's CBD was one of the hottest markets in the nation in 2012, mostly due to Amazon.com taking up just shy of one million square feet of office space," said Dave Magee, Cushman & Wakefield | Commerce senior director and managing broker, in a statement

On the city's Eastside, the report said strong office leasing activity in the Bellevue CBD is producing steady occupancy gains.

"Looking into 2013, the data shows a downward trend in vacancy rates for most areas. And because of improved GDP numbers, we should expect to see a boost in demand at the ports of Seattle and Tacoma, fueling the need for additional warehouse space," Magee continued.

For the original post visit: http://www.bizjournals.com/seattle/morning_call/2013/01/seattle-commercial-market-most-active.html

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