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Tacoma and Fife retain low office and industrial space rates

Post by C.R. Roberts / The News Tribune on Oct. 3, 2008 at 4:45 pm |
October 3, 2008 4:45 pm

Pierce County remains among the least expensive areas for office rentals in the Puget Sound region, according to quarterly numbers released today by CB Richard Ellis.

The average rate for fully serviced Class A office space in Tacoma and Fife was $22.09 per square foot for the third quarter. Downtown Seattle topped the list at $36.50 per square foot, and the average for the region was $30.89.

CB Richard Ellis marked the vacancy rate for space at 10.96 percent, near the regional average of 11.7 percent. Downtown Seattle marked a vacancy rate of 9.2 percent, while the region enclosing Snohomish County showed 19.9 percent.

For industrial space, Tacoma and Fife showed a vacancy rate of 9.8 percent, well above the 5.5 percent regional average. Again the area marked the lowest average asking rate, at 36 cents per square foot, below the regional average of 54 cents.

Tacoma and Fife have 900,000 square feet of industrial space under construction, nearly half of the total being built in the region at 2.1 million square feet.

Historically, the region has seen a small increase in the office vacancy rate, at 11.7 percent up from 10.9 percent in the second quarter and 10.5 percent in the third quarter of last year. The average cost, at $30.70, is up from $30.16 in the second quarter and $28.39 a year ago.

The regional industrial vacancy rate, 5.5 percent is down from 5.8 percent in the second quarter and 6.7 percent a year ago, CB Richard Ellis said.

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