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Class A office space in Tacoma will be scarce until Russell vacancy

Post by John Gillie / The News Tribune on March 30, 2010 at 1:25 pm with 2 Comments »
March 30, 2010 1:25 pm

Once the Washington Attorney General’s Office and Grant Makers move into the recently completed Pacific Plaza in downtown Tacoma in the second quarter this year, Class A office vacancies in Tacoma’s Central Business District will drop below one percent, a new report says.

The report from commercial real estate firm Colliers International notes, however, that that scarcity of Class A space will take a sharp reversal when Russell Investments moves its headquarters from downtown Tacoma next fall to downtown Seattle’s former Washington Mutual headquarters tower.

The Russell move will vacate the investment adviser’s 224,000-square-foot headquarters on downtown Tacoma’s A Street.

Meanwhile, the Colliers report said, downtown Seattle’s office vacancy rate stabilized at 17.66 percent in the first quarter of this year. That compares with 17.67 percent in the last quarter of 2009.

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