MARKET REPORT
1 Q ’ 11
Puget Sound SEATTLE | EASTSIDE | NORTHEND | SOUTHEND
CAN MARKET RECOVERY BE FAR BEHIND? The Puget Sound region ended the first quarter with positive results on many fronts, witnessed by a largely positive net absorption rate, a high volume of lease transactions and an uptick in investment activity.
PACIFIC REAL ESTATE PARTNERS, INC.
Puget Sound Market Report ECONO MI C OV E R V IE W
F O R E C A S T C U M U L AT I V E G R O W T H B Y I N D U S T RY 2 0 1 0 - 2 0 1 5
25.00%
20.00%
15.00%
10.00%
5.00%
Moody’s Economy.com
0.00%
-5.00% Seattle National -10.00% Professional & Business Services
Education & Health Care
Leisure & Hospitality
Information (Tech)
Manufacturing
Other Services
Trade, Transportation & Utilities
Government
Financial Activities
Construction
The Seattle MSA (metropolitan statistical area) accounts for
It is anticipated that job growth for traditional office space
nearly 1.93 million jobs and has an estimated gross metropolitan
users over the next several years will be led by the Professional
product of over $218 billion. The greater Seattle area has been
Science/Technical
one of the stronger commercial markets nationally, anchored
industries. Jobs in both of these sectors are expected to grow
by large companies, good market fundamentals and a growing
from 430,000 to nearly 470,000 by 2015, resulting in a 9% rise in
population.
the next 4 years.1,2
The Seattle area has grown by nearly 500,000 people since 2000
According to Moody’s, the housing industry may be poised
and shows signs of continued growth. With major employers,
for growth as well, as building permits are expected to rise from
such as Microsoft, Amazon.com, Costco, Paccar, Expedia and
8,000 to 18,000 annually by 2015. Housing prices are expected
Starbucks, Seattle has a strong economic backbone and will
to rise nearly $100,000 in that same time period.1
continue to build on that in the coming quarters.
The Ports are showing signs of strength as well, with Port TEU’s
Currently the Puget Sound’s unemployment rate is just above
in the region higher than last year’s YTD numbers. The Port of
8.5% and it is anticipated that we will have a full job recovery
Seattle is up 9.5% from 2010, and the Port of Tacoma is up 14.4%
in roughly 3 years. The growth will be seen in a wide array of
in the same period.
industries and we should see the largest gains in Information
There are numerous signs that the economic recovery in the
Technology, Healthcare, Leisure/Hospitality and Professional
Puget Sound region is already well underway. Bolstered by
Services, all of which are expected to grow as much as 3-3.5%
growing companies and population, with a highly educated and
annually.1
skilled workforce, the Puget Sound is poised to be one of the
Service
and
Information
Technology
strongest and quickest markets to recover in the nation. (1) Moody’s Analytics (2) PPR (Property and Portfolio Research)
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
2
1Q’11 PUGET SOUND MARKET REPORT
Vacancy by Submarket & Class SEATTLE O F F IC E MA RK E T 50.0%
Lake Union: Amazon.com’s 1,000,000 SF of absorption in 2Q will drop vacancy in class A.
CLASS A CLASS B CLASS C
45.0%
Pioneer Square: Only 10 buildings; Over 611,000 SF combined of space vacant.
40.0%
43.1%
42.4%
40.4%
Queen Anne: Only 10 buildings; 635 & 645 Elliott Ave have 284,454 SF combined vacant.
35.0%
30.3%
South Seattle: Only 3 buildings; Amazon. com Building, Stadium Innovation Center, West Seattle Corporate Center.
30.0%
25.0%
20.7% 19.1%
20.0%
15.0%
14.6%
18.8% 16.8%
16.2%
12.7%
11.8%
13.9%
11.0%
9.9%
10.0%
8.3%
8.0%
7.8%
4.1%
5.0%
16.8%
2.3%
2.4%
3.3%
0.0% Seattle CBD
Ballard/ U-District
Belltown/ Denny Regrade
Capitol Hill/ Central District
Lake Union
Pioneer Square/ Waterfront
Queen Anne/ Magnolia
South Seattle
Excludes Capitol Hill Class A: 2 buildings 87% vacant
EA STSI DE OF F IC E MA RKE T 30.0%
25.8%
CLASS A CLASS B CLASS C
25.0%
23.9%
20.0%
22.1%
21.6%
21.4%
21.1%
19.7%
19.5% 16.9%
17.0%
16.7%
15.6% 15.0%
15.2%
14.2%
10.0%
9.7%
9.5%
8.7%
8.0% 5.8%
8.3%
7.7%
6.8%
5.2%
5.0% 3.3% 1.8%
0.0%
0.0%
0.0% Bellevue CBD
Bothell
520 Corridor
I-90 Corridor
Issaquah
Kirkland
Mercer Island
Redmond
Suburban Bellevue
Excludes Suburban Bellevue Class A: 1 building
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
3
PACIFIC REAL ESTATE PARTNERS, INC.
PUGET SO U N D OF F IC E M A R K E T M AP
Whidbey Island
EVERETT
NORTHEND
5
Puget Sound
5 405
Lake Washington
S E AT T L E
520
EASTSIDE
SEATTLE 90
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
4
1Q’11 PUGET SOUND MARKET REPORT
PUGET SO U N D IN D U S T R I AL M A R K E T M AP
Whidbey Island
5
EVERETT
Puget Sound
NORTHEND
EASTSIDE 5
S E AT T L E Bainbridge Island
405 Lake Washington
520
SEATTLE 90
BELLEVUE
KENT
Vashon Island
SOUTHEND
TACOMA
5
PIERCE COUNTY
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
5
PACIFIC REAL ESTATE PARTNERS, INC.
Seattle Office Market SEATTLE R E V IVA L The Seattle Office Market saw a significant jump in activity in
SEATTLE OFFICE SUBMARKETS MAP
the first quarter of this year, illustrated by a sizeable increase in the number of tenants touring the market for additional space,
BALLARD/ U DISTRICT
fewer available large blocks of space and nearly 345,000 SF of net absorption. Market velocity is beginning to tick upward in Seattle. Although the first quarter ended with 16.2% vacancy, there
QUEEN ANNE/ MAGNOLIA
were a total of nearly 180 signed leases and investment activity
LAKE UNION
has started to return to healthier levels, as occupancy in high
DENNY REGRADE SEATTLE CBD
functioning assets continues to rise.
520 CAPITOL HILL/ CENTRAL DISTRICT
SEATTLE
PIONEER SQ/ WATERFRONT
South Lake Union continues to outpace the rest of the Seattle market in terms of new development and will continue to be the
Elliott Bay
Lake Washington
90 5
primary area of growth in the Puget Sound region. One new South Lake Union tenant that will have a significant impact the vacancy rate in the second quarter is Amazon.com.
S SEATTLE/SODO WEST SEATTLE
With the continued progression of Amazon.com’s 1.7 million SF headquarters, the tech giant will take occupancy (544,000 SF) of Phase IV of their project in 2Q 2011. In addition to their own campus they recently signed a lease for 460,000 SF at one of the CBD’s newer buildings, 1918 Eighth. Another well known name taking up residence in the South Lake Union neighborhood is the Bill & Melinda Gates
Biotech, technology and medical companies have led
Foundation.
This 590,000 SF two-building campus sits just
the charge in the Puget Sound’s recovery and are leasing or
west of the Amazon.com headquarters and is also slated for
purchasing most of the large blocks of space in the area from
completion in the second quarter.
This exciting new facility
the CBD to Fremont. Aside from the large users, smaller groups
will be a draw for many national and international philanthropic
have been expanding as well. In Fremont alone, three tech
groups.
tenants are increasing their space needs by more than 8,000 SF
The availability of large blocks of space in the Seattle CBD
each. Overall, the South Lake Union and Fremont areas have
market has been steadily declining, making it increasingly
been the stalwarts in the Seattle office market, with continued
difficult for large companies to find suitable space. While the
growth and a high level of tenant activity.
Seattle CBD office market does have a 14.5% vacancy, there
There is much anticipation for the rest of 2011 in the Seattle
are only 4 buildings that are able to offer 100,000 SF or more
office market as we continue to see many tenants entering the
of contiguous space. Columbia Center offers the largest space
market and nearly 1,000,000 SF of absorption already slated
at 186,000 SF. Nearly 41% of the available 2,000,000 SF of
for the second quarter of this year. Overall, with 16.2% vacancy
availability in the CBD is comprised of spaces that are 50,000 SF
and rental rates stabilizing, the Seattle office market looks to be
or smaller.
enjoying a quicker recovery than what was initially anticipated.
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
6
1Q’11 PUGET SOUND MARKET REPORT
Seattle Office Market The Seattle Office Market consists of eight submarkets, with 697
HISTORICAL VACANCY RATES & RENTAL RATES
buildings and a total of 59,233,118 SF. The overall vacancy rate has
18.0%
edged slightly upward since the end of 2010, while average asking
15.0%
rental rates have declined. Overall, year to date net absorption is on
12.0%
pace with last year, with the largest gains in the Lake Union and Pioneer Square/Waterfront submarkets.
$32.00 $30.00
9.0%
$28.00
6.0% $26.00
3.0% 0.0%
2005
2006
INVENTORY Buildings
Seattle CBD Ballard/U District Belltown/Denny Regrade Capitol Hill/Central District Lake Union Pioneer Square/Waterfront Queen Anne/Magnolia South Seattle SEATTLE OFFICE
2008
Rental Rates (FS)
Seattle Office Overview Market Area
2007
103 84 83 84 102 97 73 71 697
ABSORPTION SF
Direct Vacancy
Sublet Vacancy
Total Vacancy
1Q
YTD
25,161,152 3,166,922 5,566,588 4,643,628 7,931,918 6,050,336 3,875,806 2,836,768 59,233,118
13.3% 6.3% 12.6% 7.3% 24.3% 19.3% 18.1% 18.6% 15.0%
1.2% 4.4% 1.0% 0.1% 1.4% 1.4% 0.1% 0.0% 1.2%
14.5% 10.7% 13.6% 7.4% 25.7% 20.7% 18.2% 18.6% 16.2%
(79,448) 62,624 (20,748) 4,152 287,826 97,705 41,310 (49,750) 343,671
(79,448) 62,624 (20,748) 4,152 287,826 97,705 41,310 (49,750) 343,671
2009
2010
$24.00
2011
Vacancy Rates AVERAGE RENT & EXPENSES (FS) Rent NNN
$28.90 $25.42 $24.50 $27.00 $34.45 $23.84 $26.67 $22.98 $26.72
$9.45 $8.00 $8.25 $8.00 $9.45 $8.50 $8.50 $8.00 $8.52
Seattle CBD Ballard/U District Belltown/Denny Regrade Capitol Hill/Central District Lake Union Pioneer Square/Waterfront Queen Anne/Magnolia South Seattle SEATTLE OFFICE
2004
2005
2006
2007
2008
2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
13.4% 5.4% 14.1% 11.2% 18.3% 13.9% 17.7% 9.9% 13.3%
12.5% 4.7% 12.0% 10.6% 16.1% 11.9% 15.9% 9.7% 11.9%
10.4% 3.4% 9.7% 7.3% 11.6% 8.7% 8.5% 12.7% 9.2%
10.4% 2.7% 9.2% 4.1% 5.7% 7.2% 7.6% 9.6% 8.6%
11.0% 12.6% 8.1% 4.3% 6.4% 12.4% 5.8% 10.0% 10.1%
15.9% 11.9% 16.4% 13.5% 8.2% 15.6% 15.6% 10.9% 16.4%
15.6% 14.0% 15.7% 9.1% 25.5% 14.2% 16.1% 17.3% 16.2%
16.2% 14.5% 12.4% 8.6% 22.4% 18.4% 16.6% 18.6% 16.4%
15.3% 14.6% 13.1% 7.5% 22.3% 22.2% 16.4% 16.7% 16.3%
14.0% 14.4% 13.2% 7.2% 20.9% 22.4% 16.5% 15.9% 15.6%
14.5% 10.7% 13.6% 7.4% 25.7% 20.7% 18.2% 18.6% 16.2%
Historical Rents (FS) Market Area
Seattle CBD Ballard/U District Belltown/Denny Regrade Capitol Hill/Central District Lake Union Pioneer Square/Waterfront Queen Anne/Magnolia South Seattle SEATTLE OFFICE
Prior years as of 4Q
Historical Total Vacancy Market Area
Historical Total Absorption
2007
2008
2009
2010
$35.37 $35.59 $29.25 $35.08 $32.52 $25.92 $25.81 $22.74 $30.29
$33.37 $31.10 $30.56 $31.05 $38.31 $28.97 $35.80 $22.95 $31.51
$29.49 $28.83 $26.16 $30.00 $31.29 $26.34 $21.55 $23.61 $27.16
$29.16 $28.06 $24.80 $29.53 $32.20 $25.69 $27.66 $23.25 $27.54
Market Area
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1Q 2011
Seattle CBD Ballard/U District Belltown/Denny Regrade Capitol Hill/Central District Lake Union Pioneer Square/Waterfront Queen Anne/Magnolia South Seattle SEATTLE OFFICE
65,210 (63,698) 41,206 191,401 117,562 80,232 (16,586) (24,369) 390,958
(140,078) (16,787) 182,460 24,976 509,498 (3,664) (18,245) (2,512) 535,648
229,388 (2,393) (40,792) 30,320 144,692 (232,194) 4,559 53,491 187,071
320,815 78,031 (7,401) 22,719 98,069 (14,602) (1,035) 22,632 519,228
475,335 (4,847) 175,473 269,416 869,821 (170,228) (31,307) 49,242 1,632,905
(79,448) 62,624 (20,748) 4,152 287,826 97,705 41,310 (49,750) 343,671
Asking Lease Rates by Class (FS) Class A
Seattle CBD Ballard/U District Belltown/Denny Regrade Capitol Hill/Central District Lake Union Pioneer Square/Waterfront Queen Anne/Magnolia South Seattle SEATTLE OFFICE
$28.90 $25.42 $24.50 $27.00 $34.45 $23.84 $26.67 $22.98 $26.72
LEASE RATES (FULL SERVICE) Class B Class C
$23.51 $22.23 $22.70 $24.47 $25.23 $22.44 $21.49 $21.36 $22.93
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
$17.18 $20.27 $21.20 $18.50 $18.50 $19.23 $22.00 $13.00 $18.74
Class A
$9.45 $8.00 $8.25 $8.00 $9.45 $8.50 $8.50 $8.00 $8.52
OPERATING EXPENSES* (PSF) Class B Class C
$8.45 $7.00 $7.25 $7.00 $8.45 $7.50 $7.50 $7.00 $7.52
$7.45 $6.00 $6.25 $6.00 $7.45 $6.50 $6.50 $6.00 $6.52
*Expenses are approximate
Market Area
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
7
PACIFIC REAL ESTATE PARTNERS, INC.
Eastside and Northend Office Market TECH BOOM The Eastside and Northend Office Markets experienced a significant rise in activity in the first quarter of 2011. The CBD, along with many of the suburban Eastside markets, has seen significant growth in the high tech and bio tech sectors as vacancy in these markets has remained relatively flat over the
EASTSIDE AND NORTHEND OFFICE SUBMARKETS LEGEND Northend Office Submarkets Eastside Office Submarkets 5
last year.
EVERETT CBD
The year got off to a healthy start, with many new leases
S SNOHOMISH COUNTY
being signed and a large number of tenants touring prospective
S EVERETT/ HARBOR POINTE
spaces in the CBD, Issaquah, Redmond and Bothell. The I-90 Corridor was the most active submarket in the first quarter, with its excellent access, large blocks of vacant available space and building efficiencies. This market should continue to gain strength and grow as the 520 Bridge toll will force companies to
EDMONDS/ LYNNWOOD
MILL CREEK/ WOODINVILLE
BOTHELL
choose a location that will be economical for their employees. Rental rates, vacancy, absorption and concessions were mostly unchanged during the first quarter, which can be an early indicator of market stability. One gauge of local market strength
405 NORTHGATE/ N SEATTLE KIRKLAND
continues to be illustrated by the growing number of pending transactions. We anticipate increased signs of stabilization and
520 CORRIDOR
520
positive rental growth as we head into the second quarter. The benefits of the year’s earlier activity should start to fully be realized as we head into the third quarter, with recently signed
REDMOND
5
SEATTLE
tenants beginning to occupy their new spaces. In addition, we
BELLEVUE
SUBURBAN BELLEVUE BELLEVUE CBD I-90 CORRIDOR
MERCER ISLAND
anticipate continued market momentum as companies with
ISSAQUAH
90
2012 or 2013 lease expirations start to look for space. One of the major issues that will impact the Eastside office market will be the diminishing supply of large blocks of contiguous space. Major tenants – those requiring 75,000 SF or
The true vacancy in the Eastside and Northend Markets can
more - will find it increasingly difficult to identify spaces that
be best illustrated by the number of small spaces spread
adequately meet their size requirements. As the high tech and
throughout the various submarkets. As market demand returns
biomedical industries continue to grow, the demand for larger
and space requirements rise, development of downtown office
spaces will continue to increase. Their movement in the market
product and suburban business parks should start to return to
will have a trickle -down effect on other industry segments
support the expansion.
requiring larger, contiguous work spaces. Current capacity is not
The Eastside Office Market will anxiously await the outcome of
able to support this type of growth and with very few, if any, new
the possible AT&T/T-Mobile merger, which could greatly affect
projects in the pipeline the more desirable large blocks of space
the market if a space consolidation is needed, or if a massive
will continue to diminish.
expansion occurs.
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
8
1Q’11 PUGET SOUND MARKET REPORT
Eastside Office Market The Eastside Office Market consists of nine submarkets, with 666
HISTORICAL VACANCY RATES & RENTAL RATES
buildings and a total of 34,700,529 SF. The overall vacancy rate is nearly
18.0%
$35.00
even with where it ended in 2010, while average asking rental rates have
15.0%
$30.00
gone up in nearly all submarkets. Overall, year to date net absorption
12.0%
is on pace with 2010, with the largest gains in the first quarter in the Kirkland and Bothell submarkets.
$25.00 $20.00
9.0%
$15.00
6.0%
$10.00
3.0% 0.0%
$5.00
2005
2006
Eastside Office Overview Market Area
2008
Rental Rates (FS)
INVENTORY Buildings
Bellevue CBD Bothell 520 Corridor I-90 Corridor Issaquah Kirkland Mercer Island Redmond Suburban Bellevue EASTSIDE OFFICE
2007
51 72 76 58 39 112 20 68 170 666
SF
Direct Vacancy
Sublet Vacancy
Total Vacancy
8,404,237 3,865,553 3,112,139 4,798,470 1,790,277 4,034,108 438,616 3,814,326 4,442,803 34,700,529
13.2% 18.4% 10.8% 15.2% 10.4% 16.7% 14.7% 19.0% 13.5% 14.8%
1.6% 1.9% 0.1% 0.8% 2.6% 1.4% 0.2% 1.4% 0.8% 1.3%
14.8% 20.3% 10.9% 16.0% 13.0% 18.1% 14.9% 20.4% 14.3% 16.1%
ABSORPTION 1Q YTD
7,642 56,301 20,630 1,590 17,533 50,221 3,664 20,288 (104,585) 73,284
7,642 56,301 20,630 1,590 17,533 50,221 3,664 20,288 (104,585) 73,284
2009
2010
$0.00
2011
Vacancy Rates AVG CLASS A RENT & EXPENSES (FS) Rent NNN
$34.52 $27.00 $27.37 $31.05 $27.82 $30.31 $32.00 $28.53 $35.00 $30.40
$9.75 $8.00 $7.00 $8.50 $7.50 $8.00 $9.00 $7.00 $8.50 $8.14
Bellevue CBD Bothell 520 Corridor I-90 Corridor Issaquah Kirkland Mercer Island Redmond Suburban Bellevue EASTSIDE OFFICE
2004
2005
2006
2007
2008
2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
16.3% 20.0% 12.7% 14.1% 3.3% 14.0% 3.6% 23.2% 11.1% 14.9%
9.6% 15.1% 12.3% 9.0% 2.0% 7.4% 1.2% 13.2% 7.7% 9.7%
5.5% 16.1% 8.9% 5.8% 3.0% 10.6% 1.8% 9.7% 10.1% 8.7%
6.9% 26.2% 3.5% 6.7% 5.9% 6.8% 4.9% 7.8% 8.3% 9.0%
10.5% 27.8% 6.5% 15.0% 2.3% 12.6% 10.1% 12.0% 9.7% 12.6%
13.4% 22.9% 12.0% 16.9% 6.5% 19.0% 14.8% 21.8% 11.6% 15.8%
15.7% 22.0% 12.6% 15.8% 7.9% 18.2% 15.6% 25.1% 11.4% 16.5%
16.3% 22.9% 12.7% 14.9% 4.9% 17.0% 20.4% 23.6% 11.1% 16.4%
15.3% 21.1% 13.0% 16.5% 13.9% 17.4% 19.3% 19.7% 12.5% 16.2%
14.9% 21.7% 11.5% 16.1% 14.1% 19.3% 15.7% 19.9% 12.1% 16.2%
14.8% 20.3% 10.9% 16.0% 13.0% 18.1% 14.9% 20.4% 14.3% 16.1%
Historical Rents (FS) Market Area
Bellevue CBD Bothell 520 Corridor I-90 Corridor Issaquah Kirkland Mercer Island Redmond Suburban Bellevue EASTSIDE OFFICE
Prior years as of 4Q
Historical Total Vacancy Market Area
Historical Total Absorption
2007
2008
2009
2010
$37.87 $25.81 $28.04 $34.61 $31.42 $31.22 $29.42 $28.74 $29.20 $30.70
$39.06 $26.14 $28.59 $35.50 $31.65 $32.96 $30.40 $28.91 $29.88 $31.45
$35.02 $23.54 $26.15 $31.04 $29.95 $27.57 $26.65 $25.11 $26.02 $27.89
$32.67 $23.58 $24.51 $30.37 $29.04 $27.18 $26.63 $24.45 $24.65 $27.01
Market Area
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1Q 2011
Bellevue CBD Bothell 520 Corridor I-90 Corridor Issaquah Kirkland Mercer Island Redmond Suburban Bellevue EASTSIDE OFFICE
(191,343) 37,381 (18,227) 126,193 (25,336) 31,084 (3,589) (123,411) 12,483 (154,765)
(50,899) (35,567) (2,390) 11,797 (16,431) 49,563 (21,177) 54,638 9,977 (489)
81,147 70,787 (8,388) 231,887 (48,569) (16,464) 4,882 144,764 (22,694) 437,352
37,295 (25,991) 44,697 (85,126) (2,883) (78,489) 15,633 61,787 19,394 (13,683)
(123,800) 46,610 15,692 284,751 (93,219) (14,306) (4,251) 137,778 19,160 268,415
7,642 56,301 20,630 1,590 17,533 50,221 3,664 20,288 (104,585) 73,284
Asking Lease Rates by Class (FS) Class A
Bellevue CBD Bothell 520 Corridor I-90 Corridor Issaquah Kirkland Mercer Island Redmond Suburban Bellevue EASTSIDE OFFICE
$34.52 $27.00 $27.37 $31.05 $27.82 $30.31 $32.00 $28.53 $35.00 $30.40
LEASE RATES (FULL SERVICE) Class B Class C
$26.96 $23.65 $24.03 $27.63 $29.50 $24.96 $23.92 $22.71 $25.05 $25.38
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
$20.51 $19.17 $14.10 $20.00 $22.72 $23.98 $18.94 $18.35 $17.77 $19.50
Class A
$10.75 $9.00 $8.00 $9.50 $8.50 $9.00 $10.00 $8.00 $9.50 $9.14
OPERATING EXPENSES* (PSF) Class B Class C
$9.75 $8.00 $7.00 $8.50 $7.50 $8.00 $9.00 $7.00 $8.50 $8.14
$8.75 $7.00 $6.00 $7.50 $6.50 $7.00 $8.00 $6.00 $7.50 $7.14
*Expenses are approximate
Market Area
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
9
PACIFIC REAL ESTATE PARTNERS, INC.
Northend Office Market The Northend Office Market consists of seven submarkets, with 295
HISTORICAL VACANCY RATES & RENTAL RATES
buildings and a total of 8,645,620 SF. The overall vacancy rate is even
16.0%
$27.50
with where it ended in 2010, while average asking rental rates have
14.0%
$26.00
edged down slightly. Year to date net absorption is heading into positive
12.0%
$24.50
territory, with the largest gains in the first quarter in the Woodinville/
10.0%
$23.00
8.0%
$21.50
Mill Creek submarket.
6.0%
2005
2006
2007
2008
2009
Rental Rates (FS)
2010
$20.00
2011
Vacancy Rates
Northend Office Overview INVENTORY Buildings
Market Area
ABSORPTION SF
Direct Vacancy
Sublet Vacancy
Total Vacancy
1Q
YTD
AVERAGE RENT & EXPENSES (FS) Rent NNN
Everett CBD
57
1,708,912
7.4%
0.0%
7.4%
3,935
3,935
$22.14
$4.50
Lynnwood/Edmonds
92
2,791,113
23.6%
0.1%
23.7%
7,947
7,947
$22.72
$5.50
Woodinville/Mill Creek
27
671,368
20.6%
0.0%
20.6%
42,238
42,238
$20.57
$4.50
N Snohomish County
19
361,271
6.7%
0.0%
6.7%
(1,950)
(1,950)
$20.50
$4.50
S Snohomish County
7
227,227
9.3%
0.0%
9.3%
-
-
$20.50
$4.50
S Everett/Harbor Point
43
1,237,737
9.4%
1.7%
11.1%
5,343
5,343
$19.80
$4.50
North Seattle/Northgate
50
1,647,992
10.9%
0.6%
11.5%
18,134
18,134
$22.01
$5.00
NORTHEND OFFICE
295
8,645,620
14.6%
0.4%
15.0%
75,647
75,647
$22.10
$5.19
Historical Total Vacancy 2004
2005
2006
2007
2008
2009
Q1 2010
Q2 2010
Q3 2010
4 2010
Everett CBD
5.0%
6.7%
6.5%
8.9%
5.6%
4.1%
4.9%
5.1%
6.2%
7.7%
7.4%
Lynnwood/Edmonds
17.0%
17.0%
17.7%
18.9%
16.3%
23.0%
24.7%
24.3%
24.5%
24.0%
23.7%
Woodinville/Mill Creek
5.2%
7.9%
10.2%
12.8%
29.3%
30.8%
30.7%
30.5%
28.0%
26.9%
20.6%
N Snohomish County
5.1%
2.8%
3.4%
3.1%
4.4%
5.1%
5.4%
6.5%
5.7%
6.1%
6.7%
S Snohomish County
1.0%
11.0%
13.3%
12.6%
12.0%
8.7%
7.1%
7.1%
11.5%
9.3%
9.3%
S Everett/Harbor Point
13.8%
16.3%
10.7%
9.4%
9.5%
12.0%
12.6%
10.8%
11.7%
11.5%
11.1%
North Seattle/Northgate
9.3%
11.2%
11.5%
9.5%
11.2%
12.8%
12.7%
12.8%
11.8%
12.7%
11.5%
NORTHEND OFFICE
11.1%
12.3%
11.9%
12.4%
12.6%
15.2%
16.0%
15.7%
15.8%
15.9%
15.0%
Historical Rents (FS)
Q1 2011
Prior years as of 4Q
Market Area
Historical Total Absorption
Market Area
2007
2008
2009
2010
Market Area
Q1 2010
Q2 2010
Q3 2010
Q4 2010
2010
Q1 2011
Everett CBD
$24.54
$23.32
$23.43
$23.29
Everett CBD
(14,091)
(3,679)
(17,901)
(25,161)
(60,832)
3,935
Lynnwood/Edmonds
$24.23
$24.15
$22.70
$22.33
Lynnwood/Edmonds
(47,880)
12,372
(5,431)
13,135
(27,804)
7,947
Woodinville/Mill Creek
$26.80
$25.89
$23.26
$22.72
Woodinville/Mill Creek
7,584
1,465
16,830
7,190
33,069
42,238
N Snohomish County
$25.83
$24.87
$21.58
$21.42
N Snohomish County
(1,034)
(4,070)
3,144
(1,685)
(3,645)
(1,950)
S Snohomish County
$26.87
$27.60
$20.41
$28.09
S Snohomish County
3,811
-
(10,168)
5,099
(1,258)
-
S Everett/Harbor Point
$22.46
$22.62
$22.26
$21.92
S Everett/Harbor Point
(7,773)
22,849
(12,110)
2,549
5,515
5,343
North Seattle/Northgate
$26.80
$25.61
$23.12
$22.49
North Seattle/Northgate
1,865
(1,712)
16,847
(14,326)
2,674
18,134
NORTHEND OFFICE
$25.36
$24.87
$22.39
$23.18
NORTHEND OFFICE
(57,518)
27,225
(8,789)
(13,199)
(52,281)
75,647
(425) 9 7 4 -4 0 0 0
|
Asking Lease Rates by Class (FS) Class A
LEASE RATES (FULL SERVICE) Class B Class C
Class A
OPERATING EXPENSES* (PSF) Class B Class C
-
$26.47
$17.80
-
$5.00
$4.00
$25.34
-
$20.09
$6.50
-
$4.50
Woodinville/Mill Creek
-
$23.02
$18.11
-
$5.00
$4.00
N Snohomish County
-
$22.00
$19.00
-
$5.00
$4.00
S Snohomish County
-
$22.00
$19.00
-
$5.00
$4.00
S Everett/Harbor Point
-
$23.29
$16.31
-
$5.00
$4.00
North Seattle/Northgate
$23.62
$22.48
$19.94
$6.00
$5.00
$4.00
NORTHEND OFFICE
$24.48
$23.21
$18.61
$6.50
$5.00
$4.07
Everett CBD Lynnwood/Edmonds
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
*Expenses are approximate
Market Area
www.pacific-re .co m
10
1Q’11 PUGET SOUND MARKET REPORT
Southend Industrial/Flex Market IN DUSTRI A L RE S U RGE N C E The Seattle Industrial Market gained strength in
SOUTHEND INDUSTRIAL/FLEX SUBMARKETS MAP
the first quarter, bolstered by continued growth in the Kent Valley Market. The three market areas of Seattle Industrial, Kent Valley Industrial, and Pierce
SEATTLE
County Industrial have all seen a significant uptick
BELLEVUE
in tenant activity, which bodes well for the rest of 2011.
GEORGETOWN/ DUWAMISH S
Industrial
Market
has
Sou
quarters and has seen very little market activity.
nd
Smurfit leased 86,000 SF at AMB Portside and
TUKWILA
RENTON
get
consistently hovering near 5.8% for the last five
Seattle
LEGEND
SEATAC/ BURIEN
Vashon Island
Regal Aluminum Products - a Boeing supplier -
Southend Industrial/Flex Submarket
purchased a 50,000 SF facility in order to be better
Pierce County Industrial/ Flex Submarket
90
405
Pu
been
GEORGETOWN/ DUWAMISH N
The
WEST SEATTLE
SODO
KENT
5
situated in the region. FEDERAL WAY
The Kent Valley Industrial Market proved to be the winner in the first quarter. They saw nearly 720,000
NORTHEND TACOMA
SF of absorption and a 60 basis point vacancy decline, which helped to greatly strengthen that
PORT OF TACOMA/ FIFE
OTHER PIERCE COUNTY
submarket. The Valley experienced an upsurge in larger space activity in the first quarter, supported
LAKEWOOD
through occupancies by companies such as ULine
PUYALLUP/ SUMNER
and American Tire. There was a significant amount of tenant activity
AUBURN
OTHER PIERCE COUNTY
PARKLAND/ SPANAWAY OTHER PIERCE COUNTY
in the market and many existing tenants continue to seek expansion space, while new companies are looking in the region too. As occupancy levels rise
which could be a well known retailer or Trader Joe’s. If Trader
for the first time in the last eight quarters, and market stability
Joe’s does not take the space they will most likely look at build
returns, institutional buyers and REIT’s are combing the market
to suit opportunities in the Southend market.
looking for well stabilized assets. Unsolicited investment sales
The Southend Industrial Market is poised to see significant
are outpacing market sales approximately 4 to1 in the Southend
positive net absorption in the coming quarters, as there are no
Market.
buildings currently under construction and there are a multitude
The Pierce County Industrial Market has been a consistently
of tenants looking for space. One of the main areas of interest
stable market throughout the recession and continues to show
is the availability of large blocks of space in the Southend. With
signs of strengthening. On the heels of last year’s 444,000 SF
Mega Brands vacating Pacific Coast Corporate Park Phase II,
occupancy of Pepsico in the Port of Tacoma, Sumner Corporate
there are currently only 5 buildings that can support a user of
Park’s 492,000 SF Summit building is rumored to have a tenant,
over 400,000 SF.
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
11
PACIFIC REAL ESTATE PARTNERS, INC.
Seattle Industrial Market The Seattle Industrial Market is comprised of fifteen submarkets, with
HISTORICAL VACANCY RATES & RENTAL RATES
1,278 buildings and a total of 52,187,988 SF. The overall vacany rate
7.0%
$0.46
remains relatively even with the end of 2010, while asking rental rates
6.0%
$0.45
5.0%
$0.44
4.0%
$0.43
negative territory, with the largest loss in the Georgetown/Duawamish
3.0%
$0.42
submarket.
2.0%
$0.41
1.0%
$0.40
are slightly higher. Overall, year to date net absorption remains in
0.0%
2005
2006
2007
2009
Rental Rates
Seattle Industrial Overview INVENTORY Buildings
Market Area
2008
Direct Vacancy
Sublet Vacancy
Total Vacancy
1Q
YTD
$0.39
2011
Vacancy Rates
ABSORPTION SF
2010
UNDER CONSTRUCTION Projects SF
SoDo
239
11,921,392
5.5%
0.0%
5.5%
(42,607)
(42,607)
-
-
Gtown/Duwamish N
284
14,192,975
8.4%
0.2%
8.6%
(64,359)
(64,359)
-
-
Gtown/Duwamish S
141
4,428,407
3.4%
0.2%
3.6%
5,910
5,910
-
-
Ballard
88
2,110,841
3.7%
0.0%
3.7%
10,049
10,049
-
-
West Seattle
72
3,306,501
2.0%
0.0%
2.0%
(14,679)
(14,679)
-
-
Other Seattle Markets*
454
16,227,872
5.1%
0.1%
5.2%
46,389
46,389
-
-
1,278
52,187,988
5.7%
0.1%
5.8%
(59,297)
(59,297)
-
-
SEATTLE INDUSTRIAL
Market Area
2004
2005
2006
2007
2008
2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
SoDo
4.1%
3.2%
3.0%
2.3%
3.9%
3.8%
4.0%
4.1%
4.7%
5.1%
5.5%
Gtown/Duwamish N
8.3%
7.2%
7.6%
6.8%
6.1%
9.6%
8.9%
8.3%
8.6%
8.2%
8.6%
Gtown/Duwamish S
2.0%
7.1%
2.9%
2.3%
4.2%
5.7%
5.7%
5.7%
5.1%
3.7%
3.6%
Ballard
4.2%
4.1%
4.1%
3.0%
2.2%
4.6%
3.2%
4.2%
4.2%
4.2%
3.7%
West Seattle
3.5%
4.1%
1.1%
1.9%
40.0%
1.3%
1.1%
1.3%
2.0%
1.6%
2.0%
Other Seattle Markets*
4.4%
4.2%
2.6%
2.4%
2.8%
5.6%
5.8%
6.3%
5.9%
5.5%
5.2%
SEATTLE INDUSTRIAL
5.1%
5.0%
4.0%
3.6%
3.9%
6.0%
5.8%
5.9%
5.9%
5.7%
5.8%
Historical Total TEUs Market Area
Prior years as of 4Q
Historical Total Vacancy
Historical Total Absorption
2009
2010
2011-YTD
Market Area
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1Q 2011
Port of Seattle
1,584,596
2,139,577
323,569
SoDo
(23,886)
(7,363)
(52,834)
(56,245)
(140,328)
(42,607)
Port of Tacoma
1,545,855
1,455,467
221,193
Gtown/Duwamish N
90,405
82,441
(19,671)
49,936
203,111
(64,359)
PUGET SOUND PORTS
3,130,451
3,595,044
544,762
Gtown/Duwamish S
(2,990)
2,836
26,559
62,547
88,952
5,910
Ballard
30,358
(22,650)
470
-
8,178
10,049 (14,679)
West Seattle
7,500
(7,585)
(23,726)
15,188
(8,623)
Other Seattle Markets*
(36,352)
(78,013)
58,744
71,734
16,113
46,389
SEATTLE INDUSTRIAL
65,035
(30,334)
(10,458)
143,160
167,403
(59,297)
Market Area
SoDo Gtown/Duwamish N Gtown/Duwamish S Ballard West Seattle Other Seattle Markets* SEATTLE INDUSTRIAL
LEASE RATES (NNN) Shell Office
$0.55-$0.75 $0.45-$0.65 $0.45-$0.65 $0.45-$0.65 $0.45-$0.65 $0.45-$0.65 $0.45-$0.75
$0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75
OPERATING EXPENSES* (PSF) NNN Free Rent
$0.08-$0.10 $0.08-$0.10 $0.08-$0.10 $0.08-$0.10 $0.08-$0.10 $0.08-$0.10 $0.08-$0.10
1-4 months 1-4 months 1-4 months 1-4 months 1-4 months 1-4 months 1-4 months
*Rates/expenses are approximate
Gross Asking Lease Rates by Class
*Other Seattle Markets Includes: Seattle, CBD, Belltown/Denny,Capitol Hill/Central,Fremont,Lake Union,Magnolia/Queen Anne,Rainier/Beacon Hill,U. District, Waterfront
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
12
1Q’11 PUGET SOUND MARKET REPORT
Kent Valley Industrial Market The Kent Valley Industrial Market is comprised of six submarkets, with
HISTORICAL VACANCY RATES & RENTAL RATES
1,573 buildings and a total of 111,721,944 SF. The overall vacany rate has
9.0%
dropped slightly since the end of 2010, while shell asking rates remain
7.0%
nearly the same. The Valley experienced strong positive net absorption
5.0%
during the first quarter, totaling 720,795S SF, with the largest gain in the
3.0%
Auburn submarket.
1.0%
$0.40 $0.30 $0.20
0.0%
$0.10
2005
2006
2008
2009
Rental Rates
Kent Valley Industrial Overview INVENTORY Buildings
Market Area
2007
Direct Vacancy
Sublet Vacancy
Total Vacancy
1Q
YTD
$0.00
2011
Vacancy Rates
ABSORPTION SF
2010
UNDER CONSTRUCTION Projects SF
Auburn
317
23,832,799
3.7%
1.3%
5.0%
602,850
602,850
-
-
Federal Way
53
1,855,596
18.0%
0.0%
18.0%
(7,852)
(7,852)
-
-
Kent
711
49,514,780
9.0%
0.7%
9.7%
227,222
227,222
-
-
Renton
152
13,171,517
2.8%
4.4%
7.2%
(39,643)
(39,643)
-
-
Seatac/Burien
88
3,824,949
9.2%
0.2%
9.4%
10,454
10,454
-
-
Tukwila
252
19,522,303
4.8%
0.9%
5.7%
(72,236)
(72,236)
-
-
1,573
111,721,944
6.5%
1.3%
7.8%
720,795
720,795
-
-
KENT VALLEY INDUSTRIAL
Historical Total Vacancy 2004
2005
2006
2007
2008
2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
Auburn
5.2%
4.8%
3.9%
6.0%
3.8%
4.2%
6.2%
7.9%
7.8%
7.4%
5.0%
Federal Way
4.3%
2.4%
2.1%
2.6%
3.0%
7.6%
8.6%
7.1%
6.8%
18.2%
18.7%
Kent
9.1%
7.1%
5.5%
4.1%
3.8%
8.8%
9.1%
9.5%
9.7%
10.2%
9.7%
Renton
5.6%
2.9%
3.6%
1.1%
1.4%
7.6%
7.8%
7.5%
7.4%
6.8%
7.2%
Seatac/Burien
8.3%
8.3%
5.0%
4.3%
12.2%
13.2%
11.1%
11.4%
10.0%
10.0%
9.7%
Tukwila
5.1%
5.3%
4.9%
5.1%
3.3%
5.6%
5.2%
5.2%
5.2%
5.2%
5.7%
KENT VALLEY INDUSTRIAL
7.1%
5.8%
4.8%
4.3%
3.7%
7.2%
7.7%
8.2%
8.2%
8.4%
7.8%
Historical Total TEUs Market Area
1Q 2011
Prior years as of 4Q
Market Area
Historical Total Absorption
2009
2010
2011-YTD
Market Area
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1Q 2011
Port of Seattle
1,584,596
2,139,577
323,569
Auburn
(459,711)
(412,586)
38,110
26,593
(807,594)
602,850
Port of Tacoma
1,545,855
1,455,467
221,193
Federal Way
(17,347)
27,321
5,067
(204,912)
(189,871)
(7,852)
PUGET SOUND PORTS
3,130,451
3,595,044
544,762
Kent
(151,091)
(186,275)
(63,492)
(278,488)
(679,346)
227,222
Renton
(20,599)
41,020
3,807
78,705
102,933
(39,643)
Seatac/Burien
77,332
(12,374)
51,266
2,313
118,537
10,454
Tukwila
79,398
(1,715)
15,102
(14,834)
77,951
(72,236)
(492,018)
(544,609)
49,860
(390,623)
(1,377,390)
720,795
KENT VALLEY
Market Area
Auburn Federal Way Kent Renton Seatac/Burien Tukwila KENT VALLEY INDUSTRIAL
LEASE RATES (NNN) Shell Office
$0.32-$0.38 $0.32-$0.38 $0.32-$0.40 $0.34-$0.40 $0.42-$0.50 $0.34-$0.40 $0.32-$0.50
$0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
OPERATING EXPENSES* (PSF) NNN Free Rent
$0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14
3-5 months 3-5 months 3-5 months 3-5 months 3-5 months 3-5 months 3-5 months
*Rates/expenses are approximate
Gross Asking Lease Rates by Class
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
13
PACIFIC REAL ESTATE PARTNERS, INC.
Pierce County Industrial Market The Pierce County Industrial Market is comprised of thirteen submarkets,
HISTORICAL VACANCY RATES & RENTAL RATES
with 1,136 buildings and a total of 61,993,353 SF. The overall vacany rate
10.0%
remains even with where the year ended in 2010, while asking rental
8.0%
rates have edged up slightly. Overall, year to date net absorption was
6.0%
$0.30
negative in most areas, with the only positive gains in the Tacoma CBD
4.0%
$0.29
and several smaller outlying submarkets.
2.0%
$0.33 $0.32 $0.31
$0.28 $0.27
0.0%
2005
2006
2008
2009
Rental Rates
Pierce County Industrial Overview INVENTORY Buildings
Market Area
2007
Direct Vacancy
Sublet Vacancy
Total Vacancy
1Q
YTD
$0.26
2011
Vacancy Rates
ABSORPTION SF
2010
UNDER CONSTRUCTION Rent NNN
Port of Tacoma/Fife
284
18,853,834
7.9%
0.0%
7.9%
(117,842)
(117,842)
-
-
Lakewood
108
4,770,761
7.5%
0.1%
7.6%
(139,305)
(139,305)
-
-
North End Tacoma
67
2,112,040
4.7%
0.0%
4.7%
(15,600)
(15,600)
-
-
Spanaway
56
3,432,830
6.2%
0.0%
6.2%
(9,301)
(9,301)
-
-
Puyallup/Sumner
268
20,907,468
13.6%
0.0%
13.6%
(10,302)
(10,302)
-
-
Tacoma CBD
49
1,435,574
11.2%
0.0%
11.2%
37,630
37,630
-
-
Other Pierce County Markets*
304
10,480,846
3.6%
0.5%
4.1%
34,562
34,562
-
-
PIERCE COUNTY INDUSTRIAL
1,136
61,993,353
9.0%
0.1%
9.1%
(220,158)
(220,158)
-
-
2004
2005
2006
2007
2008
2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Port of Tacoma/Fife
5.6%
3.2%
3.3%
4.8%
8.5%
9.0%
8.9%
9.4%
9.6%
7.3%
7.9%
Lakewood
6.3%
5.2%
13.9%
7.8%
4.0%
4.5%
4.8%
4.4%
4.3%
4.8%
7.6%
North End Tacoma
1.2%
2.6%
1.9%
2.6%
2.1%
4.1%
4.2%
3.9%
3.9%
4.0%
4.7%
Spanaway
11.3%
2.1%
0.8%
10.8%
11.9%
5.6%
5.5%
5.4%
6.0%
5.9%
6.2%
Puyallup/Sumner
4.0%
8.3%
6.2%
11.3%
14.5%
12.4%
13.4%
12.2%
13.3%
13.0%
13.6%
Tacoma CBD
5.0%
4.3%
6.8%
7.0%
5.5%
11.4%
11.6%
13.3%
14.0%
13.8%
11.2%
Other Pierce County Markets*
3.9%
4.2%
5.2%
2.3%
4.9%
4.7%
6.4%
5.6%
4.2%
4.4%
4.1%
PIERCE COUNTY INDUSTRIAL
5.0%
4.8%
5.4%
6.9%
9.4%
8.8%
9.4%
9.0%
9.2%
9.1%
9.1%
Historical Total TEUs Market Area
Prior years as of 4Q
Historical Total Vacancy Market Area
Historical Total Absorption
2009
2010
2011-YTD
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1Q 2011
Port of Seattle
1,584,596
2,139,577
323,569
Market Area
Port of Tacoma/Fife
33,660
(29,872)
290,444
430,998
725,230
(117,842)
Port of Tacoma
1,545,855
1,455,467
221,193
Lakewood
(14,500)
20,343
6,598
(23,588)
(11,147)
(139,305)
PUGET SOUND PORTS
3,130,451
3,595,044
544,762
North End Tacoma
(1,140)
4,800
600
(1,050)
3,210
(15,600)
Spanaway
2,308
5,616
(20,051)
1,752
(10,375)
(9,301)
(133,583)
244,057
(227,487)
74,350
(42,663)
(10,302) 37,630
Puyallup/Sumner Tacoma CBD
(3,360)
(23,070)
(10,468)
1,932
(34,966)
Other Pierce County Markets*
(177,942)
88,890
146,945
(29,623)
28,270
34,562
PIERCE COUNTY INDUSTRIAL
(294,557)
310,764
186,581
454,771
657,559
(220,158)
Gross Asking Lease Rates by Class
Port of Tacoma/Fife Lakewood North End Tacoma Spanaway Puyallup/Sumner Tacoma CBD Other Pierce County Markets* PIERCE COUNTY INDUSTRIAL
LEASE RATES (NNN) Shell Office
$0.28-$0.36 $0.28-$0.36 $0.28-$0.36 $0.28-$0.36 $0.28-$0.36 $0.28-$0.36 $0.26-$0.32 $0.28-$0.36
$0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75
OPERATING EXPENSES* (PSF) NNN Free Rent
$0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14 $0.09-$0.14
3-6 months 3-6 months 3-6 months 3-6 months 3-6 months 3-6 months 3-6 months 3-6 months
Rates/expenses are approximate
Market Area
*Other Pierce County Markets Includes: Dupont,E Pierce,E Tacoma,Fort Lewis,Gig Harbor,University Place, E Pierce
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
14
1Q’11 PUGET SOUND MARKET REPORT
Eastside and Northend Industrial/Flex Market STABLE AN D GROW IN G The Eastside and Northend Industrial/Flex Markets were relatively quiet in the first quarter of 2011, with a rise in vacancy
EASTSIDE AND NORTHEND INDUSTRIAL/FLEX SUBMARKETS MAP
in the Eastside and minimal change in the Northend. The Eastside market, in particular, has seen significant tenant activity and growth in the high tech and bio tech sector, with a multitude of tenants continuing to scour the market for expansion space. Rental rates, vacancy, absorption and concessions were mostly et S oun d
activity continues to be steady, which bodes well for further
5
Pug
indicator of market stability. As we head into the second quarter
EVERETT
MUKIL TEO
unchanged during the first quarter, which can be an early
growth and an anticipated recovery.
MONROE
During the recent recession, one of the primary methods used LYNNWOOD
by landlords to combat falling rental rates on their properties was to offer additional concessions. Most landlords were giving
BOTHELL
more than would normally be offered in both free rent and tenant
WOODINVILLE
5
improvements to entice tenants and maintain reasonable rental
405
rates. Since the margin now needs to be closed, it is anticipated we will see a decline in concessions before rental rates start to rise again. will strengthen as occupancies occur for leases signed this the market are looking for space down the road as well, with
Wa s
hin
Looking ahead to later in 2011 we forecast the markets 520
SEATTLE
Lake
quarter and market momentum continues. Tenants currently in
REDMOND
gto
n
KIRKLAND
90
occupancies to occur in 2012 or 2013.
BELLEVUE
BELLEVUE
The recent Boeing tanker contract award, along with Boeing ramping up production across their entire line is great news for
West Seattle
ISSAQUAH
the Eastside and Northend Industrial Markets. Boeing is also bringing more of their work back in-house, which is expected to help the Eastside and Northend Industrial Markets significantly. It is expected that there will be noticeable growth among the vendors and suppliers that service Boeing in 2011-2012.
LEGEND Northend Industrial Submarket Eastside Industrial Submarket
There is continued optimism that absorption is around the corner and market growth is likely. Although it may be slow, the Northend and Eastside Industrial/Flex Markets will eventually benefit greatly from Boeing’s ramp up. For right now though, we will have to settle for stability and moderate growth.
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
15
PACIFIC REAL ESTATE PARTNERS, INC.
Eastside and Northend Industrial Market The Eastside and Northend Industrial Markets consist of ten submarkets,
HISTORICAL VACANCY RATES
with 724 buildings and a total of 28,944,690 SF. The overall vacancy rate
16.0%
in the Eastside Market edged up slightly from the end of 2010, while
14.0%
remaining even in the Northend Market. Asking rental rates remain
12.0%
farily consistent with 2010 rates. The largest number of signed leases,
10.0%
year to date, have been in the Woodinville and Redmond submarkets,
8.0%
while Woodinville and Mukilteo have seen the largest gains in positive
6.0% 4.0%
net absorption since the beginning of the year.
2005
2006
2007
Eastside and Northend Industrial Overview Market Area
INVENTORY Buildings SF
2008
2009
2010
2011
Vacancy Rates ABSORPTION
Direct Vacancy
Sublet Vacancy
Total Vacancy
1Q
YTD
AVERAGE RENT & EXPENSES Shell Office
CONCESSIONS Shell
Bothell
31
1,096,891
4.4%
1.6%
6.0%
(45,356)
(45,356)
$0.50-$0.60
$1.00-$1.20
4-6 months
Woodinville
136
5,395,595
9.9%
0.3%
10.2%
27,517
27,517
$0.45-$0.60
$0.95-$1.20
4-6 months
Kirkland
43
1,576,880
10.0%
1.3%
11.3%
(5,480)
(5,480)
$0.45-$0.60
$0.95-$1.25
4-5 months
Monroe
48
1,590,449
21.0%
2.3%
23.3%
(4,917)
(4,917)
$0.40-$0.55
$0.95-$1.15
4-7 months
Redmond
104
3,829,067
9.2%
0.5%
9.7%
1,148
1,148
$0.50-$0.60
$1.00-$1.25
3-6 months
Bellevue
69
2,909,088
7.5%
0.0%
7.5%
(98,691)
(98,691)
$0.50-$0.65
$1.10-$1.25
3-5 months
Issaquah
14
719,574
7.1%
0.0%
7.1%
(2,757)
(2,757)
$0.50-$0.65
$1.10-$1.25
3-6 months
EASTSIDE INDUSTRIAL
445
17,117,544
9.9%
0.6%
10.5%
(128,536)
(128,536)
$0.45-$0.65
$0.95-$1.25
3-7 months
Everett
157
7,859,901
12.6%
0.4%
13.0%
(15,353)
(15,353)
$0.45-$0.60
$1.10-$1.25
3-6 months
Mukilteo
59
2,201,977
18.4%
0.0%
18.4%
30,651
30,651
$0.50-$0.65
$1.10-$1.25
3-6 months
Lynnwood
63
1,765,268
6.3%
0.8%
7.1%
(14,442)
(14,442)
$0.50-$0.65
$1.10-$1.25
3-6 months
NORTHEND INDUSTRIAL
279
11,827,146
12.7%
0.4%
13.1%
856
856
$0.45-$0.65
$1.10-$1.25
3-6 months
Historical Total Vacancy 2004
2005
2006
2007
2008
2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
Bothell
18.8%
18.1%
13.6%
2.8%
0.3%
0.0%
0.0%
0.0%
1.6%
1.8%
6.0%
Woodinville
14.1%
11.9%
8.1%
4.9%
4.6%
10.9%
11.1%
10.2%
11.3%
10.7%
10.2%
Kirkland
32.0%
12.7%
3.1%
10.8%
3.7%
14.4%
13.8%
13.7%
10.7%
10.9%
11.3%
Monroe
3.6%
3.6%
8.1%
10.4%
8.9%
24.2%
25.8%
24.8%
23.1%
23.0%
23.3%
Redmond
10.2%
9.5%
5.0%
3.9%
4.3%
8.9%
7.9%
9.0%
9.9%
9.7%
9.7%
Bellevue
6.5%
4.1%
22.2%
12.2%
5.2%
5.4%
3.9%
2.0%
2.7%
4.2%
7.5%
Issaquah
42.2%
32.5%
22.5%
10.1%
6.4%
6.9%
6.7%
7.0%
7.0%
6.7%
7.1%
EASTSIDE INDUSTRIAL
13.9%
10.4%
10.3%
7.4%
4.7%
10.2%
9.9%
9.4%
9.8%
9.8%
10.5%
Everett
18.0%
15.9%
18.7%
9.2%
11.2%
15.7%
16.3%
14.9%
14.2%
12.8%
13.0%
Mukilteo
17.2%
16.0%
13.9%
10.8%
9.4%
11.6%
13.4%
14.6%
20.2%
19.8%
18.4%
Lynnwood
6.7%
12.0%
7.0%
7.0%
4.8%
7.5%
7.4%
6.9%
7.1%
6.3%
7.1%
NORTHEND INDUSTRIAL
16.0%
15.3%
15.8%
9.1%
9.9%
13.7%
14.4%
13.6%
14.2%
13.1%
13.1%
Historical Leasing Activity Market Area
Historical Total Absorption
2010 Leases
2010 SF
YTD 2011 Leases
YTD 2011 SF
Bothell
2
24,311
2
9,000
Bothell
Woodinville
46
313,272
11
62,905
Kirkland
18
98,863
1
Monroe
13
94,970
Redmond
20
115,136
Bellevue
29
221,443
Issaquah
1Q 2011
Prior years as of 4Q
Market Area
Market Area
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1Q 2011
-
-
(17,096)
(2,998)
(20,094)
(45,356)
Woodinville
(9,312)
48,213
(60,658)
33,796
12,039
27,517
7,125
Kirkland
8,667
1,019
48,200
(3,878)
54,008
(5,480)
1
4,100
Monroe
(26,262)
15,646
26,925
2,318
18,627
(4,917)
8
188,180
Redmond
39,921
(41,961)
(34,139)
4,878
(31,301)
1,148
7
45,046
Bellevue
44,807
52,599
(17,922)
(43,489)
35,995
(98,691)
Issaquah
1,790
(2,540)
-
2,190
1,440
(2,757)
EASTSIDE INDUSTRIAL
59,611
72,976
(54,690)
(7,183)
70,714
(128,536) (15,353)
5
18,220
1
2,540
EASTSIDE INDUSTRIAL
133
886,215
31
318,896
Everett
39
643,109
3
9,201
Everett
(45,322)
111,190
54,107
110,737
230,712
Mukilteo
9
31,970
1
3,705
Mukilteo
(39,185)
(26,092)
(124,594)
8,333
(181,538)
30,651
Lynnwood
14
60,244
-
-
Lynnwood
1,481
10,202
(4,977)
15,165
21,871
(14,442)
NORTHEND INDUSTRIAL
62
735,323
4
12,906
(83,026)
95,300
(75,464)
134,235
71,045
856
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
NORTHEND INDUSTRIAL
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
16
1Q’11 PUGET SOUND MARKET REPORT
Eastside and Northend Flex Market The Eastside and Northend Flex Markets are comprised of nine submarkets, with 360 buildings and a total of 12,157,024 SF. The overall vacancy rate in the Eastside Market edged up slightly from the end of 2010, while remaining even in the Northend Market. Asking rental rates remain farily consistent with 2010 rates. The largest number of signed leases, year to date, has been in the Redmond submarket and the Woodinvillesubmarket saw the largest gain in positive net absorption
HISTORICAL VACANCY RATES 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%
since the beginning of the year.
2005
2006
2007
Eastside and Northend Flex Overview Market Area
2008
2009
2010
2011
Vacancy Rates
INVENTORY Buildings SF
ABSORPTION Direct Vacancy
Sublet Vacancy
Total Vacancy
1Q
YTD
AVERAGE RENT & EXPENSES Shell Office
CONCESSIONS Shell
Bothell
56
2,704,864
20.3%
1.4%
21.7%
9,948
9,948
$0.50-$0.60
$1.10-$1.25
1-3 months
Woodinville
13
409,282
8.7%
4.4%
13.1%
20,564
20,564
$0.50-$0.60
$1.00-$1.25
3-6 months
Kirkland
43
1,264,755
22.3%
0.0%
22.3%
(21,515)
(21,515)
$0.50-$0.65
$1.10-$1.25
1-3 months
Redmond
129
4,036,594
13.9%
0.9%
14.8%
(28,012)
(28,012)
$0.50-$0.65
$1.10-$1.25
2-4 months
Bellevue
47
1,219,958
16.2%
0.0%
16.2%
(8,516)
(8,516)
$0.50-$0.65
$1.10-$1.25
3-5 months
Issaquah
12
267,600
4.4%
0.0%
4.4%
1,916
1,916
$0.50-$0.65
3-5 months
EASTSIDE FLEX
300
9,903,053
16.5%
0.9%
17.4%
(25,615)
(25,615)
$0.50-$0.65
$1.10-$1.25 $1.00-$1.25
Everett
18
1,191,111
10.7%
8.4%
19.1%
8,606
8,606
$0.50-$0.60
$1.05-$1.25
3-6 months
Mukilteo
13
594,296
13.3%
0.0%
13.3%
-
-
$0.50-$0.60
$1.05-$1.25
3-6 months
Lynnwood
29
468,564
12.4%
0.0%
12.4%
(8,199)
(8,199)
$0.50-$0.60
$1.05-$1.25
3-6 months
NORTHEND FLEX
60
2,253,971
11.8%
4.4%
16.2%
407
407
$0.50-$0.60
$1.05-$1.25
3-6 months
1-5 months
2004
2005
2006
2007
2008
2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
Bothell
25.9%
23.3%
19.1%
14.8%
21.5%
23.1%
22.7%
21.4%
20.1%
21.1%
21.7%
Woodinville
8.4%
2.8%
8.0%
9.8%
9.6%
8.3%
8.6%
9.5%
18.1%
18..1%
13.1%
Kirkland
18.3%
17.1%
13.9%
12.7%
16.1%
22.2%
20.6%
19.8%
19.9%
20.6%
22.3%
Redmond
26.7%
24.8%
11.6%
8.4%
7.6%
11.7%
11.9%
12.7%
13.9%
14.2%
14.8%
Bellevue
10.0%
8.8%
8.7%
11.4%
10.5%
17.0%
18.3%
18.4%
16.1%
15.5%
16.2%
Issaquah
33.6%
1.9%
4.7%
13.5%
8.6%
6.0%
6.6%
4.9%
4.5%
5.1%
4.4%
EASTSIDE FLEX
22.7%
19.9%
13.3%
11.2%
12.9%
16.5%
16.4%
16.3%
16.5%
16.9%
17.4%
Everett
13.6%
15.9%
10.2%
14.9%
8.8%
8.1%
8.5%
8.5%
20.2%
19.9%
19.1%
Mukilteo
58.6%
36.6%
16.2%
15.3%
13.7%
20.5%
20.5%
20.5%
13.3%
13.3%
13.3%
Lynnwood
20.1%
17.2%
11.3%
7.2%
6.7%
12.1%
15.0%
14.7%
10.8%
10.6%
12.4%
NORTHEND FLEX
28.5%
25.0%
19.9%
10.4%
9.7%
12.2%
13.0%
12.9%
16.4%
16.2%
16.2%
Historical Leasing Activity Market Area
Prior years as of 4Q
Historical Total Vacancy Market Area
Historical Total Absorption
2010 Leases
2010 SF
YTD 2011 Leases
YTD 2011 SF
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
Bothell
42
223,637
5
11,856
Bothell
6,782
36,050
36,087
(26,113)
52,806
9,948
Woodinville
6
8,194
6
7,083
Woodinville
(1,269)
(3,758)
(35,660)
515
(40,172)
20,564
Kirkland
18
58,040
5
13,068
Kirkland
21,106
10,192
(1,560)
(8,657)
21,081
(21,515)
Redmond
82
231,921
14
44,466
Redmond
(5,347)
(33,978)
(46,613)
(12,515)
(98,453)
(28,012)
Bellevue
35
106,785
6
12,726
Bellevue
(15,308)
(1,588)
27,864
7,562
18,530
(8,516)
Issaquah
4
8,797
1
1,916
Issaquah
(1,613)
4,533
1,000
(1,547)
2,373
1,916
187
637,374
37
91,115
EASTSIDE FLEX
4,351
11,451
(18,882)
(40,755)
(43,835)
(25,615)
Everett
8,606
EASTSIDE FLEX
Market Area
1Q 2011
Everett
6
25,180
1
5,286
(3,806)
-
(140,221)
4,476
(139,551)
Mukilteo
10
232,645
-
-
Mukilteo
-
-
42,534
(76)
42,458
-
Lynnwood
24
42,109
3
2,311
Lynnwood
(13,813)
1,338
18,535
759
6,819
(8,199)
NORTHEND FLEX
40
299,934
4
7,597
NORTHEND FLEX
(17,619)
1,338
(79,152)
5,159
(90,274)
407
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
17
PACIFIC REAL ESTATE PARTNERS, INC.
Puget Sound Retail Market CO NSUM E RS RE T U RN The Puget Sound Retail Market has been
PUGET SOUND RETAIL SUBMARKETS MAP
consistently strong over the last five years, maintaining an overall vacancy rate of less than
5
7%. EVERETT CBD
An expanding population and strong regional employment both help to bolster this vital
S SNOHOMISH COUNTY
S EVERETT/ HARBOR POINTE Puget Sound
component of our regional economy. The Seattle Retail Marketplace continues to be strong and has not seen a vacancy rate above
EDMONDS/ LYNNWOOD
5% in the last five years. The core Seattle Retail
MILL CREEK/ WOODINVILLE
BOTHELL
405
Market, with its strong tenant mix and limited amount of available space, enables retailers to capitalize on the business traffic during the day and the surrounding residential communities during the evening hours. Retail centers such as Westlake Center and Pacific Place have seen a consistently higher flow of traffic since the holiday season and can begin to fully capitalize
NORTHGATE/ N SEATTLE
KIRKLAND
BALLARD/ U DISTRICT
QUEEN ANNE/ MAGNOLIA
520 CORRIDOR SUBURBAN BELLEVUE BELLEVUE CBD I-90 CORRIDOR
REDMOND
520
LAKE UNION
SEATTLE BELLEVUE
CAPITAL HILL/ CENTRAL DIST. BELLTOWN SEATTLE CBD
MERCER ISLAND
S SEATTLE
PIONEER SQ/ WATERFRONT
on growing consumer confidence and spending.
COAL CREEK/ ISSAQUAH
90
RENTON/TUKWILA
The Eastside Retail Market’s stability in the SEATAC/ BURIEN
Bellevue CBD is driven by Bellevue Square and Lincoln Square, which was recently approved for
KENT
5
a 1.6M SF expansion by The City of Bellevue.
LEGEND
Consumer activity will remain strong as the
Northend Retail Submarkets FEDERAL WAY/ AUBURN
number of Microsoft employees now working and living within blocks of this retail center continues to grow.
Eastside Retail Submarkets Seattle Retail Submarkets Pierce County Retail Submarkets
TACOMA
In addition to the retail core of downtown Bellevue,
suburban
retail
centers
such
as
needs, there will be an increased demand for retail areas that
Issaquah’s Pickering Place have also seen expansion, with
can support a growing population.
companies like Costco growing its presence in the area and
The Tacoma Retail Market has been flat in the last year with
expanding its headquarters.
little change. However, with a high volume of returning soldiers
The Northend and Southend Retail Markets have also
to JBLM, retail growth can be expected. One of the areas of
been experiencing positive growth. These traditionally more
note will be Point Ruston, a mixed use retail community on
suburban areas will see heightened activity as Boeing ramps up
Tacoma’s northwestern waterfront. The site will feature retail,
to begin production on their newly acquired tanker contract. As
restaurants, a movie theater, hotel and a mile long boardwalk
more suppliers move to these areas to accommodate Boeing’s
along the waterfront.
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
18
1Q’11 PUGET SOUND MARKET REPORT
Puget Sound Retail Market M A RKET S TAT IS T IC S A ND HIS TORI CA L T RE N D S
HISTORICAL VACANCY RATES & RENTAL RATES 7.0%
$25.00
6.0%
$20.00
5.0% 4.0%
$15.00
3.0%
$10.00
2.0% $5.00
1.0% 0.0%
2006
2007
2009
Rental Rates
Puget Sound Retail Overview Market Area
2008
INVENTORY Buildings
Direct Vacancy
Sublet Vacancy
Total Vacancy
1Q
YTD
$0.00
2011
Vacancy Rates
ABSORPTION SF
2010
AVERAGE RENT & EXPENSES Rent NNN
Downtown Seattle
3,105
32,347,157
3.3%
0.1%
3.4%
69,737
69,737
$19.68
$8.00
Eastside
1,827
30,807,169
6.6%
0.2%
6.8%
71,808
71,808
$21.85
$8.00
Northend
2,675
38,769,069
6.4%
0.4%
6.8%
83,585
83,585
$17.26
$5.50
Southend
1,753
29,476,356
7.6%
0.4%
8.0%
(19,699)
(19,699)
$16.20
$4.50
Tacoma
3,841
39,907,053
7.2%
0.1%
7.3%
(47,996)
(47,996)
$15.73
$4.50
PUGET SOUND
13,201
171,306,804
6.2%
0.2%
6.4%
157,435
157,435
$18.14
$6.10
2006
2007
2008
2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
Downtown Seattle
3.7%
3.7%
3.5%
4.8%
4.7%
4.8%
4.0%
3.7%
3.4%
Eastside
4.5%
4.2%
4.8%
7.1%
7.2%
6.8%
7.0%
7.0%
6.8%
Northend
4.7%
3.8%
4.0%
5.9%
6.2%
6.4%
6.7%
6.9%
6.8%
Southend
4.9%
5.5%
6.4%
7.9%
8.2%
8.0%
7.7%
7.9%
8.0%
Tacoma
5.0%
4.4%
5.8%
7.0%
6.8%
6.9%
7.0%
7.2%
7.3%
PUGET SOUND
4.6%
4.3%
4.9%
6.5%
6.6%
6.6%
6.5%
6.6%
6.4%
Historical Rents (NNN) Market Area
Prior years as of 4Q
Historical Total Vacancy Market Area
Historical Total Absorption
2007
2008
2009
2010
Market Area
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1Q 2011
Downtown Seattle
$23.42
$24.42
$22.23
$20.20
Downtown Seattle
52,818
(35,163)
240,011
115,984
373,650
69,737
Eastside
$34.09
$31.95
$24.98
$21.88
Eastside
(8,828)
140,907
(59,179)
876
73,776
71,808
Northend
$20.93
$20.77
$17.94
$17.64
Northend
(111,073)
(31,665)
(103,473)
(73,047)
(319,258)
83,585
Southend
$22.05
$19.93
$17.11
$16.30
Southend
(54,498)
69,567
75,703
(64,013)
26,759
(19,699)
Tacoma
$18.52
$18.34
$16.77
$15.82
Tacoma
71,862
(25,405)
(36,309)
(74,142)
(63,994)
(47,996)
PUGET SOUND
$23.80
$23.08
$19.81
$18.37
PUGET SOUND
(49,719)
118,241
116,753
(94,342)
90,933
157,435
Average Asking Lease Rates Market Area
LEASE RATES (FULL SERVICE) Rent NNN
OPERATING EXPENSES* (PSF) TI's Parking
Downtown Seattle
$19.68
$8.00
$10-$20/SF
Free
Eastside
$21.85
$8.00
$15-$30/SF
Free
Northend
$17.26
$5.50
$10-$25/SF
Free
Southend
$16.20
$4.50
$10-$25/SF
Free
Tacoma
$15.73
$4.50
$10-$20/SF
Free
PUGET SOUND
$18.14
$6.10
$10-$30/SF
Free
S EATT LE | B E L L E V U E | TAC O MA | P O RTLAND
www.pacific-re .co m
(425) 9 7 4 -4 0 0 0
|
19
SEATTLE BELLEVUE
TACOMA
Founded in 1993, Pacific Real Estate Partners (PREP) has over 35 brokers in four offices serving
WASHINGTON
the Seattle, Bellevue, Tacoma, Washington and Portland, Oregon markets. Providing client-centered and value-driven real estate services to clients throughout the Pacific Northwest and beyond, we represent tenants, landlords, and investors in the office, industrial, investment sales, and retail sectors.
PORTLAND OUR BROKERS: SEATTLE:
EASTSIDE:
PORTLAND:
David Abbott
Bill Cooper
Buzz Ellis, SIOR
Ann Chamberlin
Mark Flippo
Mark Friel
Tony Ford
Chris Hughes
Kristin Hammond
Laura Ford
Brent Jackson
John Lee
Lori Hill
Charlie Malley
Mark McFarland, SIOR
Greg Inglin
Steve Schwartz
Paige Morgan
Erwin Park
Daniel Seger
Tom Shimota
Wyk Parker
JJ Shephard
Jeff Sholian, SIOR
Nate White
Gabe Smith
Josh Stohr
Stuart Williams
Joe Vaughan
SOUTHEND:
TACOMA:
Les Boudwin, SIOR
Steve Crantz
Scott Carter
Mike Horner
Andrew Stark
Andrew Miller
Casey Trees
www.pacific-re.com | (503) 972-8000
OREGON