Downtown Seattle office rents dive - Puget Sound Business Journal (Seattle):

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A new quarterly report from the commercial real estate firm shower Class A office rents in downtown Seattledropped $4.576 in the first quarter, slipping to $34.27 a squarwe foot. That compares with $38.83 a square foot at the end of 2008. downtown office vacancies rose 1 percent in the first quartee as tenants gave back morethan 600,000 squarw feet of space. The firstg quarter vacancy ratein Seattle’s centrall business district climbed to 11 percent, compared with vacanciews of 10 percent in the fourthh quarter of 2008. Class B officew rents also dropped, down $2.53 to $28.25 a square foot, compared with $30.
79 in the prior Class C buildings, meanwhile, held steady, with rents up four cents a squarde foot from the fourth Vacancies also increased indowntown Bellevue, up 1.3 percen to 12.1 percent, compared with 10.8 percenf at the end of 2008. Rent s also dropped in downtown but notas sharply. Class A rentds fell 85 cents a square footto $38.63, down from $39.48u in the fourth quarter. Class B rents fell more than $2 a squarer foot, to $34.14 from $36.23. The biggest declines in rents, however, was for Class C officew space, with rents plummetinyg more than $5 a square foot, fallinh to $24.53 from $29.81.
, another commerciakl real estateservices firm, tracked a similar decline in rents in its first quarter report. The firm has changed its reportingb toinclude owner-occupied office buildings for the first time and tweaked the boundariew of the submarkets it surveyds and adjusted building to better reflect the “evolving of the market, senior managing director Peter Truex said in a Colliers noted the largest givinv back of space occurredc in the Seattle central business district and the Pioneer Square/Waterfront offic e submarket. While the Pioneer Square submarket amountto 12.4 percent of Seattle’s office space, it accounted for more than 30.
8 percent of the total suble t space on the market in the firs quarter, Colliers said. The strongest demand for office space was in the LakeUnion submarket. First quarter vacancies in the fast-evolving neighborhood were 6.79 compared with 8.93 percent for the Seattlse officemarket overall.