These days it's being snapped up even before the construction cranes are moved on site. The result is a staggering increase in rents. Al Hodge, a broker for the Broderick Group, has predicted rents for new leases will climb by 20 percent and that rates for renewals will blast up 70 percent. More than just tower cranes and rents are reaching skyward. Look at the accompanying graph, which shows how much commercial real estate traded hands in King County alone last year.
Investors are interested in the Seattle-area market and want in on the action.
The doubling of the state Convention Center exemplifies the markets commercial real estate boom. As for the sellers, Abbott anticipates those roles will be taken by a couple types of owners. The second class of sellers will be developers who feel they have added what value they can to their properties. Abbott does not believe the market has peaked. Based on continued low vacancy rates and strong job growth, he opines the market will stay on this plateau at least during the coming year.