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Office vacancies still rising here
Posted on October 11, 2009
Puget Sound region office tenants can find good deals because of rising vacancy and falling rents, primarily due to 2.2 million square feet of new space that has come on line without tenants recently, Grubb & Ellis Co. said in a news release.
All things considered it's a pretty dismal leasing environment, but there's lots of opportunity if you're a tenant, said Patrick Mullen, a research analyst in the firm's Seattle office.
The vacancy rate rose by 1.5 percentage points, to 14.4 percent, in the second quarter, according to the firm's Metro Trends Report. Rents dropped nearly a dollar per square foot, to $28.88 on average.
Grubb & Ellis said more than 2.8 million square feet of sublease space is available in the region, mainly due to companies downsizing.
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