Office Space

Year end 2009:

• In 2009, the Central Puget Sound region saw its first negative absorption in office space since 2002. This was reflected by an increase in the office space vacancy rate from 12.7% 4Q 2008 to 19.4% in 4Q 2009.
  
  
• Broader Downtown Seattle, which makes up 44% of the Puget Sound office market, recorded vacancy rates rising from 10.8% in the fourth quarter of 2008 to 20.0% in the fourth quarter of 2009.
  
  
• The average asking lease rate for Class “A” office space decreased from $34.99 to $29.26 per square foot, fully serviced
  

Source: CB Richard Ellis: Market View - Puget Sound Office 4Q 2009

Source: OfficeSpace.com

Above neighborhoods: Denny Regrade includes Denny Triangle and Belltown. Source does not include the International District.

Source: CB Richard Ellis: Market View - Puget Sound Office 4Q 2009

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