As the DJC reports today, owners of the 12-story 1st and Stewart Building are placing the property up for sale at the same time two new downtown office buildings are staking real-estate signs. In addition, the Seattle Post-Intelligencer Building and Seattle Tower were recently put on the market.
Meanwhile, other office buildings, like the WaMu Center, are clearing out their tenants. Companies that had planned to expand into new downtown spaces, including Microsoft and Starbucks, are retreating to their headquarters. And more lanky office towers are in the works downtown. In short, the inventory of commercial office space grossly exceeds the demand for offices. We’ve probably got 10 years of inventory that will sit empty.
Unless. That is, unless the glut of inventory and declining rents make Seattle irresistibly appealing to a major tenant. “I would guess we will be surprised,” says Kevin Daniels, principal of the development firm Nitze Stagen, referring to the potential for a major company moving its headquarters to Seattle. Maybe Daniels is being a bit optimistic; he’s planning a 43-story office tower on 5th Avenue and Columbia Street. “It will be a very large user who we didn’t think we would see or we thought were going somewhere else,” he speculates.
@35-
I’ve worked at MS for several years and personally I’d love the opportunity to move my primary work facilities to Seattle just to save time and up my efficiency. Telecommuting may render regular commutes to static, shared office spaces redundant.
Oh, also, I’d cheer a mass move to Seattle(not that it would ever happen for reasons other posters have so eloquently provided) if for no other reason then it would piss your sorry ass off and make you leave. Good riddance.
Please,please make registration for comments mandatory so us trolls don’t have to read your drivel. Talkin to you, Fnarf.
@52 Fnarf is top notch and has relevant commentary. STFU bitch.
Ithaca Rentals and Renovations, Inc. is owned and operated by Travis & Travis Real Estate Development located on 323 North Tioga Street in the beautiful downtown Ithaca.
Business Process Outsourcing Philippines
Technology has made many things in our world not just possible, but a lot more convenient. One of its most brilliant innovations is global outsourcing. Companies that want to increase their sales and expand their market in the most efficient yet cost-effective ways are aware that outsourcing is the best solution for their growth in their respective industries.