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Pierce County office vacancies rising

Post by John Gillie / The News Tribune on June 29, 2009 at 1:45 pm with No Comments »
June 29, 2009 1:45 pm

Pierce County office vacancies rose 1.28 percent in the second quarter as companies consolidated office quarters and others awaited positive signs from the economy before expanding, a new survey says.

That survey by Colliers International said Pierce County marketplace vacancies hit 11.90 percent in the last three months.

Part of Pierce County’s increase in vacant office space came from two additions to the inventory, Tacoma’s Old City Hall and the South Hill Business and Technology Center.

Old City Hall had once been scheduled for conversion to condominiums, but the owner was unable convince two office tenants with longterm favorable leases to vacate early. The building’s vacant spaces are now back on the market as offices.

On South Hill, Benaroya Companies of Seattle is converting a former microchip plant into the South Hill Business and Technology Center. Former electronics production buildings will be converted to office space, adding to the unleased inventory.

More Class A office space is coming on line laters this summer in Tacoma with the opening of Pacific Plaza, the former Park Plaza South parking garage. The garage has been updated and several floors of office space have been added atop the structure.

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