The New York Times has a piece today about the dreary-sounding prospects for Seattle commercial space. The article name-checks a half-dozen Seattle-based companies who are moving thousands of jobs out of the area or getting rid of them entirely, then drops this factoid:
With five new buildings, encompassing about two million square feet, opening next year, the vacancy rate is expected to hit 15 percent. Most of the new space has not been leased.
The vacancy rate could go even higher if WaMu — the city’s largest downtown tenant with 1.6 million square feet — vacates space.
Fifteen percent – or more – of downtown Seattle’s commercial space may be vacant. I’m not an expert, but that seems like a lot to me. Just to play devil’s advocate, doesn’t that mean that some up-and-coming businesses are going to have a better shot at some nice new digs at an affordable price?
UPDATE: The Seattle Times has an article this morning (10/22) about how good the Seattle commercial building market is. Who knew?