Puget Sound Area, OfficeMarketView Quick StatsQ4 2012                                                                     ...
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Puget Sound Q4 2012 Office Market

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Puget Sound Q4 2012 Office Market

  1. 1. Puget Sound Area, OfficeMarketView Quick StatsQ4 2012 CBRE Global Research and Consulting Class A Avg. Class A Avg. Asking Direct Asking Total Last 4 Building Total Lease Rate Lease Rate 4Q Net Qtrs Net Under Submarket SF Vacancy % (Full Service PSF/Yr) (Full Service PSF/Yr) Absorption Absorption Construction Downtown Seattle 43,693,219 14.3% $32.29 $31.41 588,497 1,929,083 300,955 Seattle Close-In 5,113,527 16.4% $24.83 $24.83 167,071 467,415 155,000 Southend 9,791,487 20.5% $22.04 $21.42 94,740 88,346 — Eastside 30,398,126 13.6% $29.13 $28.36 56,452 595,406 19,000 Northend 4,538,718 22.7% $23.71 $23.68 (22,527) (9,925) — Tacoma/Fife 4,762,704 18.8% $23.96 $25.81 43,944 58,011 — Market Total 98,297,781 15.4% $29.36 $28.55 928,177 3,128,336 474,955 Total Vacancy Rate 15.41% Total Vacancy vs. Average Direct Asking Lease Rate Total Class A Avg. Asking Rental Rate $28.55 20% $30.00 18% 16% $25.00 14% 12% $20.00 10% $15.00 8% 6% $10.00 4% $5.00 2% 0% $0.00 2007 2008 2009 2010 2011 2012 Downtown $31.41 Northend $23.68 Total Asking Seattle Close-In $24.83 Tacoma/Fife $25.81 Under Construction, Absorption Total Absorption 928,177 Regional Avg. Construction Completions 431,690 Rental Rates Southend Eastside $21.42 $28.36 $28.55 & Construction Completions Under Construction 474,955 $32.00 1,000,000 900,000 $30.00 800,000 700,000 $28.00 600,000 $26.00 500,000 400,000 $24.00 300,000 $22.00 200,000 100,000 $20.00 0 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1420 Fifth Avenue | Suite 1700 10885 NE 4th Street | Suite 500 1201 Pacific Avenue | Suite 1502 Seattle, WA 98101 | 206.292.1600 Bellevue, WA 98004 | 425.455.8500 Tacoma, WA 98402 | 253.572.6355 Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representationabout it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved andcannot be reproduced without prior written permission of the CBRE Global Chief Economist. cjm 01-16-13

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