Those two tall blue lines represent the deliveries of Madison Centre and The Mark, adding 1.2mm square feet of inventory to the CBD office market in the first half of 2017. That red line is the current and trending vacancy rate. Nice to see it pointing upward! Higher vacancy usually translates to better leasing conditions for tenants; although the market is still very stable.
Law Firm Space Inventory
Davis Wright Tremaine is vacating 178ksf at 1201 3rd to provide the CBD with some much needed second generation law firm office space. Many landlords have been vying for the large firm including the two new towers coming online in early 2017, The Mark (pictured) and Madison Centre (behind to the left). DWT is taking 168ksf at the new Madison Centre .
Besides getting second generation space from DWT, there will be even more space coming online in the first half of 2017 as Safeco vacates 200,000sf at Second & Seneca and consolidates into 1001 4th Avenue.
Tenant Profile:
Pipeline Deals
Union Street represented Pipeline Deals on its recent relocation to the National Building in Seattle's waterfront neighborhood. The new space accommodates the sales CRM technology company's growth and provides its employees with beautiful space and amenities.
