Tight Seattle office space now landlord's market
Seattle's commercial real-estate market tightened in the final three months of this year, a sign that leverage in lease negotiations is shifting from businesses that rent office space to those that own it.
The office vacancy rate in downtown Seattle fell to 9.8 percent in the fourth quarter, a report released Wednesday by the Grubb & Ellis brokerage firm showed. That was down from 13.4 percent a year ago.
A vacancy rate below 10 percent marks the point at which it becomes a landlord's market and developers begin discussing plans for new buildings, said Nick Papa, a research analyst at Grubb & Ellis. Landlords are now able to raise rents as leases come up for renewal.
posted by Fred VonDerLage @ 2:41 PM
2 comments
2 Comments:
Is that a good or bad to the brokerage firm?
That would be a great advantage if land lords able to raise their rent fee but of course not for the renters.
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NCR Real Estate
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