Views on FiFth AVe oFFice / hotel RedeVelopment oR leAse ......•d building, Avg room size 385/sF sold: 9/10/2014 2 421 black lake blvd sw 2000 4th Ave w. olympia, wA $12,043,600

1420 Fifth Avenue, Suite 2600Seattle, Washington 98101

(206) 682 0666www.comre.com

For more information, please contact:

GAry DAnkleFSen, CreSenior Director(206) 521 [email protected]

evAn olSonAssociate(206) 521 [email protected]

Steve brunetteSenior Director(206) 521 [email protected]

Views on FiFth AVeoFFice / hotel RedeVelopmentoR leAse

410 5th AVe swolympiA, wA 98501

hotel permits in place74,958 sF - URbAn wAteRFRont - hoUsing 35’• 9 story grandfathered structure• permitted for hotel development

74,958 sf structure

Views on fifth aVeolympia, washington

1420 fifth avenue, suite 2600seattle, washington 98101


for more information, please contact:

Gary Danklefsen, cresenior Director(206) 521 [email protected]

eVan olsonassociate(206) 521 [email protected]

steVe brunettesenior Director(206) 521 [email protected]

intRodUction

Cushman&Wakefield|CommerceRealEstateSolutionsispleased to present Views on Fifth Ave, a 74,958 sf existing building ideally located in olympia’s cbd. the site allows close proximity to downtown and spectacular views of the state capitol across capitol lake.

currently in shell condition, the property is well suited for creative redevelopment of a leasing opportunity. originally usedforoffice,thisninestorystructurewasbuiltpriortothe recent zoning change to 35 feet, and therefore provides uniquely expansive views. the property, which is currently vacant and in shell state, holds various permits granting a full remodel and change of use to hospitality. Although the building canstillbeusedforoffice,thesite’sproximitytothecapitol,accessibility along one of the city’s main arteries, and a strong hospitality market make it a one of a kind opportunity for a hotel.

PugetSound

State Ave NE

Legion Way SE

Harrison Ave NWE

Bay

Dr NE

22nd Ave SE

DivisionStN

W

Union Ave SE

Cooper Point Rd SW

EastsideSt SE

Desc

hutesPky

SW

4th Ave W

Black La

keBlvd

SW

Madison Ave NW

Capitol Blvd S

Mottman Rd SW

CapitolW

ayS

4th Ave E

Bigelow Ave NE

PlumSt S

E

5th Ave SW

Quince

S t NE

Fir S

t NE

P erc

iva l

StN

W

Henderson Blvd

14th Ave SE

104

105

105AB

+,101

%&'(5

PugetSound

State Ave NE

Legion Way SE

Harrison Ave NWE

Bay

Dr NE

22nd Ave SE

DivisionStN

W

Union Ave SE

Cooper Point Rd SW

EastsideSt SE

Desc

hutesPky

SW

4th Ave W

Black La

keBlvd

SW

Madison Ave NW

Capitol Blvd S

Mottman Rd SW

CapitolW

ayS

4th Ave E

Bigelow Ave NE

PlumSt S

E

5th Ave SW

Quince

S t NE

Fir S

t NE

P erc

iva l

StN

W

Henderson Blvd

14th Ave SE

104

105

105AB

+,101

%&'(5

Site

1 01

wA stAtecApitAl

74,958 sf structure








9100550-2000

pRopeRty snApshotsUmmARy dAtA

Address 410 5th Ave sw

location/submarket downtown olympia

county thurston

parcel number 9100550-2000

2014 tax Assessment $2,396,100

Use type Hotel/OfficeShell

lAnd

Area 28,750 sF

Frontage, depth w-115’, s-250’, e-115’

Zoning Urban waterfront – housing 35’ (Uw-h)

FemA Flood map Zone c*

Utilities electric, gas, water, sewer and telephone

impRoVements

building Area 74,958 sF

construction type structural steel

year built 1965

stories 9 stories

occupancy Vacant

parking 42 striped stalls

9100520- 100

74,958 sf structure








Cros by

Blv

dSW

14thAveSE

PlumSt SE

4th Ave E

Legion Way SE

East BayD

rN

E

Quince

StN

E

P erc

ival

StN

W

Capitol Blvd S

State Ave NWHarrison Ave NW

Madison Ave NW

Desch

utes Pkwy SW

22nd

Ave SE

State Ave NE

4th Ave W

5th Ave SW

Bigelow Ave NE

Hen

ders

onBl

vd

Union Ave SE

Eastside St SE

Capit olW

ayS

101

5

0 0.065 0.13 0.195 0.26 0.3250.0325Miles

Site

cApitAl lAke

wA stAtecApitAl

olympic yAcht clUb

bAyViewthRiFtwAy

74,958 sf structure








pRopeRty photos

74,958 sf structure








Recent compARAble sAlespRopeRty

nAme/AddResssAle pRice pRice

psFtotAl sF yeAR

bUilttype pARking notes

1 lacey holiday inn4460 3rd Ave selacey, wA 98503

$8,750,000 $194.60 44,963 sF 2007 hotel 72 free surface spaces

•$106,707/Room•82 room hotel •building, Avg room size 385/sF

sold: 9/10/2014

2 421 black lake blvd sw 2000 4th Ave w.olympia, wA

$12,043,600 $131.00 91,929 sF 1988 office b

nA •leased 100%

sold: 5/2/2014

3 m parsons plaza1111 israel Rd swtumwater, wA 98501

$16,700,100 $318.04 52,510 sF 2008 office b

110 free surface spaces

•leased 100% •101 days on the market

sold: 1/3/2014

PugetSound

18th Ave SE

Trooper Rd

Boulevard

Rd SE

DeschutesPky

SW

Legion Way SE

Israel Rd SE

26th Ave NE

Harrison Ave NW

EB

ayD

rN

E

Divi sion

St NW

Eliza

b eth S

t SE

Martin Way E

Trosper Rd SW

Yelm Hwy SE

Union Ave SE

Tumwater Blvd SW

Cooper

PointR

dN

W

70th Ave SW

Col

lege

St

SE

YelmHwy SE

RW

Joh

nson

Rd

SW

Eastside St SE

Rainier Rd SE

Martin WayBlac

k Lake

BlvdSW

Rich Rd SE

Cain

RdSE

Mud Bay Rd W4th Ave EC

ooper

PointRd

SW

Cleveland

AveSE

Cap

itol

Way

S

Slea

ter

Kin

ney

Rd

NE

54th Ave SW

Capito lB

lvdSW

Sapp Rd SW

Capitol BlvdS

Israel Rd SW

Linwood Ave SW

Lacey Blvd SE

Mottman Rd SW

14th Ave SE

28th Ave NW

S 2ndA

veSW

North St SE

Littl

eroc

k Rd SW

Term

inalStSW

Bigelow Ave NE

Pacific Ave SE

22nd Ave SE

Hen

ders

o nB

lvd

SE

Irving St SW

Cen

ter

St S

W

Plum

StSE

N6t

hA

veS W

5th Ave SW

21 st Ave SW

Quince

StN

E

DeschutesW

aySW

State Ave N E

SBay

RdNE

Perc

ival

StN

W

Ruddell RdSE

Hen derson Blvd

Old Highway 99 Se

Old Highway 99 Sw

14th Ave SE

Tumwater Blvd SE

Lacey

Olympia

Tumwater

+,101

%&'(5

%&'(5

PugetSound

18th Ave SE

Trooper Rd

Boulevard

Rd SE

DeschutesPky

SW

Legion Way SE

Israel Rd SE

26th Ave NE

Harrison Ave NW

EB

ayD

rN

E

Divi sion

St NW

Eliza

b eth S

t SE

Martin Way E

Trosper Rd SW

Yelm Hwy SE

Union Ave SE

Tumwater Blvd SW

Cooper

PointR

dN

W

70th Ave SW

Col

lege

St

SE

YelmHwy SE

RW

Joh

nson

Rd

SW

Eastside St SE

Rainier Rd SE

Martin WayBlac

k Lake

BlvdSW

Rich Rd SE

Cain

RdSE

Mud Bay Rd W4th Ave EC

ooper

PointRd

SW

Cleveland

AveSE

Cap

itol

Way

S

Slea

ter

Kin

ney

Rd

NE

54th Ave SW

Capito lB

lvdSW

Sapp Rd SW

Capitol BlvdS

Israel Rd SW

Linwood Ave SW

Lacey Blvd SE

Mottman Rd SW

14th Ave SE

28th Ave NW

S 2ndA

veSW

North St SE

Littl

eroc

k Rd SW

Term

inalStSW

Bigelow Ave NE

Pacific Ave SE

22nd Ave SE

Hen

ders

o nB

lvd

SE

Irving St SW

Cen

ter

St S

W

Plum

StSE

N6t

hA

veS W

5th Ave SW

21 st Ave SW

Quince

StN

E

DeschutesW

aySW

State Ave N E

SBay

RdNE

Perc

ival

StN

W

Ruddell RdSE

Hen derson Blvd

Old Highway 99 Se

Old Highway 99 Sw

14th Ave SE

Tumwater Blvd SE

Lacey

Olympia

Tumwater

+,101

%&'(5

%&'(5

12

3

site

74,958 sf structure








demogRAphics

demogRAphics 1 mile 3 miles 5 miles 15 minsPopulation

estimated population 8,645 56,159 108,985 201,735projected population 9,353 60,781 117,913 218,332Households

estimated households 4,519 24,740 46,525 82,181projected households 4,962 27,167 51,089 90,189Daytime Demographics

Daytime 1,350 4,204 6,553 8,837total employees 20,451 49,697 76,915 97,735Labor Force

labor population Age 16 yrs + 7,599 46,307 89,012 161,718

1 mile

3 miles

5 miles

1420 Fifth Avenue, Suite 2600Seattle, Washington 98101


For more information, please contact:

GAry DAnkleFSen, CreSenior Director(206) 521 [email protected]

evAn olSonAssociate(206) 521 [email protected]

Steve brunetteSenior Director(206) 521 [email protected]

commerce Real estate solutions, llc (“Agent”) has been exclusively retained to offertoqualifiedinvestorsanopportunitytopurchasetheViewsonFifthAvenue,located in olympia, washington, (the “property”). this property is being offered for sale is in an “as-is, where-is” condition and seller and Agent make no representations or warranties as to the accuracy of the information contained in this document.

Any offering materials provided are done so solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. the material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates,officers,employees,shareholders,partners,anddirectors,astotheaccuracyorcompleteness of the information contained herein. summaries contained of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. neither the Agent nor the seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the property. interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein.

seller reserves the right, at its sole and absolute discretion, to withdraw the property from being marketed for sale at any time and for any reason. seller and Agent each expressly reserve the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the property and/or to terminate discussions with any entity at any time, with or without notice. this offering is made subject to omissions, correction of errors, change of price, or other terms prior to sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of seller.

seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation, and/or making an offer to purchase the property unless and until a binding written agreement for the purchase of the property has been fully executed, delivered, and approved by seller and any conditions to seller’s obligations there-under have beensatisfiedorwaived.

conFidentiAlity & conditions

pUget soUnd inVestment AdVisoRy gRoUpcontact us for:

10/31/2014 Daily Invesment News for Friday October 31, 2014

http://resource.comre.com/html_emails/emailContent.php?item=october-31st-2014 1/4

Having trouble viewing this email? Click here to view the web version.

DAILY INVESTMENTNEWSCUSHMAN & WAKEFIELD | COMMERCEINVESTMENT ADVISORY GROUP

FRIDAY OCTOBER 31, 2014

LOCAL HEADLINES

Ballard a savory spot for developer's next condo projectcalled SaltInHaus Development's latest project is called Salt BallardCondos. It's a 38-unit project at 5601 20th Ave. N.W. That'sabout a block north of Swedish Medical Center in thecommercial core of the neighborhood. Construction is scheduledto begin early next year, and the project is expected to open insummer 2016.

LBA seeks tenants for Portside project in FifeLBA Realty started construction in August on Portside IndustrialCenter in Fife and now has opened up leasing for the space.The 485,500-square-foot complex will have six buildings on 29acres at 6500 20th St. E. Adolfson & Peterson Constructionexpects to finish the concrete tilt-up buildings in early to mid-2015.

Landmarks board meets next week on Broadacres BuildingnominationOn Nov. 5, the Seattle Landmarks Preservation Board willconsider the nomination of the Broadacres Building at 1601Second Ave. — once home to Nordstrom Rack — as a citylandmark. A filing with the city shows that in 2012, an entity ofPrincipal Global Investors, which owns the Broadacres Buildingand an adjacent property at 1613 Second Ave., proposedputting a 440-foot tower with a hotel and housing at 1613Second.

QUICK RESOURCES

Additional Research Reports

For more information:

INVESTMENT SALES

GARY DANKLEFSEN, CRESenior Director(206) 521 [email protected]

STEVE BRUNETTE, CCIMSenior Director(206) 521 [email protected]

EVAN OLSONAssociate(206) 521 [email protected]

DEBT / EQUITY

GORDON AHALTSenior Director(206) 521 [email protected]

MANAGING BROKERDAVE MAGEESenior Director,Market Leader, Washington Region(206) 521 [email protected]

10/31/2014 Daily Invesment News for Friday October 31, 2014

http://resource.comre.com/html_emails/emailContent.php?item=october-31st-2014 2/4

Selig continues empire expansionIf anyone is bullish about the continued expansion of the PugetSound region's economy, it's Martin Selig. The founder of MartinSelig Real Estate is moving forward with about a million squarefeet of office and residential projects, including a 36-storyapartment and office tower in downtown Seattle. But it's aproject in Ballard that is perhaps most curious.

Big Gig Harbor senior facility moves forwardDevelopers of the Heron's Key senior living facility, billed as thelargest construction project in Gig Harbor history, say they'vereceived commitments for 50 percent of the facility's plannedunits. Ground on the 17-acre, $180 million project is expected tobegin next summer, with construction finished by 2017.

Capitol Hill without The Stranger? Newspaper considersmove to Pioneer Square or BallardIf there's one business that is emblematic of Capitol Hill, it's TheStranger. But now the irreverent publication could move off thehill where it has operated for 22 years. Publisher Tim Keck, wholaunched the paper in 1991, says the move is certain, and thatPioneer Square is one possible new location. Keck hopes tosign a new lease for 10,000 square feet by February or March.

Sound Transit floats $15 billion rail planThe Seattle Times reports Sound Transit is floating the idea ofa 2016 ballot initiative that would fund $15 billion in newprojects, including bringing light rail to Everett, Redmond,Eastgate, Issaquah, Federal Way, Tacoma, Ballard, and WestSeattle. The $15 billion "Sound Transit 3" package could requirea new property tax, higher sales taxes, car-tab taxes, acombination of the three, or new sources.

NATIONAL COMMERCIAL REAL ESTATE

Omega Creates $10B Skilled Nursing REIT with AvivAcquisitionOmega Healthcare Investors has agreed to buy Chicago-basedAviv REIT in an all-share transaction that will value Aviv at $3billion. The combined company, which will be a pure play skillednursing home REIT, will consist of 874 facilities located in 41states.

GSA Sitting On Excess InventoryThe federal government is sitting on an untapped gold mine ofthousands of vacant or under-used properties—including 600buildings at Kennedy Space Center alone—that, if taken over bythe private sector, could go a long way to spur investment andhelp light a fire under the lagging economic recovery.

Freddie Mac Unveils New MBS OfferingFreddie Mac and Fannie Mae have been stretching theirrespective offerings to accommodating shifting demands in themultifamily capital market. Freddie Mac, however, may havesurpassed even the most ambitious expectations for the GSEswith its latest offering.

American Realty Ex-CFO Forfeits $35 Million Pay PackageBrian Block, who resigned after the real estate investment trustsaid some of the errors were intentionally not corrected, isn’tgetting a $10 million stock retention award or about $22 million

CUSHMAN & WAKEFIELD | COMMERCE1420 Fifth Avenue, Suite 2600Seattle, Washington 98101Tel (206) 682 0666 Fax (206) 521 0298

Comme1420 FiSeattle,www.co

it has b

The Seaoverall percentrepresefrom thcontinumonth associatgrowth

INDUSThe indoverall to end rates deproduct

Constrcame inand devbuildingexpecte1.8 msfcomplethe planprojectunder c

Port acthe Poryear. Tstate an

SEA

INM

A Cu

erce Real Estate Sifth Avenue, Suite WA 98101 omre.com

ETla4jumU

een since Nove

attle-Tacoma-Be U.S. economy atage point (pp) oents a 0.8-pp drohe low of 5.2% inued to improve fcoming in over ted with an expa overall.

STRIAL MARKdustrial market c vacancy rated dat 6.6%. Despiteclined by 4.4%.t being removed

uction within thn at just over 1.6velopers becamegs. Several new ed to be complef of product undeted by mid-yearnning stages as wts become occupconstruction are

ctivity for the Purt of Seattle is doThis indicator is nd has an impact

ATTLE, W

DUSTRARKE

ushman & Wak

olutions 2600

ECONOMIC OThe U.S. economatter part of the4.1%. Additionalust over 2 milliomonths. These iU.S. unemploymember of 2008.

ellevue area contas the unemploymon a year-over-yop over the prion April and May.fluctuating betwe50 over the pastanding manufact

KET OVERVIEWcontinued to shoropped by 0.8 p

te the declining v This drop was d from the mark

e South King an6 million square e more bullish an buildings have aeted in 2014. Cuer construction,

r 2014. There awell that will likepied. The majore being built on a

get Sound area own slightly withhelpful in showit on the need fo

WA (KEN

RIAL SNETBE

kefield Alliance

For more Scott Love801 303 54slovell@co

OVERVIEW my gained some s year with Q3 Gly, job growth h

on jobs added ovmprovements hent rate down to

tinued to performent rate droppyear basis to 6.0%or year it is also . The ISM Manueen 49.0 and 57t 12 months. Scturing sector and

W ow signs of strenpercentage pointvacancy rate, ave largely due to n

ket.

d North Pierce feet (msf) as cond willing to buialready broken gurrently there is, all of which is ere a number of oely be started as rity of the projeca speculative bas

including the Poh a 3.6% declineng the flow of go

or industrial spac

NT VALLE

NAPSHOEAT

Research Pub

information, contaell, Corporate Res451 omre.com

steam through tGDP raised to has expanded witver the past 12 ave pushed the o 7.0%, the lowe

rm better than tped by a 0.8 %. Although thia 0.8-pp increasufacturing Index.3 with all but ocores above 50 ad healthy GDP

ngthening as thets (pps) from 20erage asking rennicer, newer

Counties markempanies expandld speculative

ground and are s approximately expected to be other projects in these existing cts currently sis.

ort of Tacoma an over the prior oods through thce.

EY)

OT

blication

act: search Director

the

th

est

the

s se x ne are

12 tal

ets ded

n

nd

he

OUTLOThe indusexpectedactivity thtest the monline, vaoutpaces absorptioconstructproduct c

STATS

Overall

Overall (psf/mo)YTD Le

OVERA

OVERA

$0$0$0$0$0$0$0

psf/m

o

0.0

2.0

4.0

6.0

8.0

msf

The market terms anwarranty or represenof the information cochange of price, rentalisting conditions imp© 2013 Cushman & W

OOK strial market co

d to continue withrough mid-yearmarkets ability toacancy rates will absorption in th

on is expected totion. Lease ratecomes to the m

S ON THE GO

Vacancy

Asking Rents )

easing Activity (sf)

ALL RENTAL

ALL OCCUPIE

0.380.400.420.440.460.480.50

2009

OVERALL NET R

4.4

1.5

2009

LEASING AC

nd definitions in this report antation, express or implied, iontained herein, and same is al or other conditions, withd

posed by our principals. Wakefield, Inc. All rights rese

ontinued to perfoth that momentr 2014 is expecto absorb space. l likely trend up he short run. Ho remain stronges are also expecarket.

O Q4 2012

7.4%

$0.45

6,648,674

VS. VACANCY

ER ACTIVITY

2010 2011

RENTAL RATE

5.1

6.9

0.6

2010 20

CTIVITY

are based on NAIOP standars made to the accuracy or cosubmitted subject to errors,

drawal without notice, and to

erved.

orm well througtum into 2014. Cted to be very st As this new pr slightly as new c

However as the yg and begin to cacted to rise as n

Q4 2013 CH

6.6% -

$0.43

4,188,418 -3

Y RATES

2012 20

OVERALL VA

6.6

0.8

0.7

011 2012

USER SALES ACT

ds. No ompleteness , omissions, o any special

gh 2013 and is Construction trong and will roduct comes construction year progresses,atch up with thisnewer, better

Y-O-Y HANGE

12 MONFORECA

-0.8pp

-4.4%

37.0%

0.0%2.0%4.0%6.0%8.0%10.0%12.0%

013

ACANCY RATE

4.2

0.5

2013

TIVITY

Q4 2013

1

,

TH AST

Cushma1420 FiSeattle,www.co

Inflatioresultiexpan

Emplonearlythe yebeen sas the2014. reportsectoroffice-single emplowere a

OFFICThe Earate d10.8%tenantfoot (preportsubmaless thCorrid

CostcSammThe oIssaquadd up

OUTCurreconstrdowntNW b

BEL

OFM

A Cu

an & Wakefield | Cifth Avenue, Suite WA 98101 omre.com/researc

on remained in cing in a strong 6ds, the employm

oyment growth ry two million jobear. The currentsince July, 2008. re were 799,000 Another notabt, 105,000 jobs wrs. This represe-using employme month. The Seoyment numbersadded at a rate

CE MARKET Oastside office maropping 2.5 perc. Bellevue CBDts, and as a resupsf) from the prted huge improvarket except Belhan 40,000 squardor, 520 Corrid

o signed the largamish Park Placenline retailer wiah City Councilp to 1.5 million s

LOOK

ently there is onlruction on the Etown Bellevue. Kboth have propo

LLEVUE,

FFICE SARK

ushman & Wak

Commerce 2600

ch

ECONOMIC After a slow firresponded stro4.6% in Q2 201to show strengat an annual rat

check at just 2.36.0% increase in ment sector is ex

remained strongbs were added tht unemployment The job marke0 more job openle storyline is thwere added acroents only the fifthent has increasedattle-Tacoma-Bes with an unempof 2.9% over the

OVERVIEW arket remained tcentage points (

D continued to blt direct class A ior quarter to $vements with va-Red. Additionare feet (sf) overaor, Bel-Red, Kir

gest lease of thee with a move inll also be expand recently annousf at its headqua

ly one speculativEastside, TrammeKemper Freemaosed projects soo

WA

SNAPSHETBE

kefield Researc

For more Alicia Ame206-682-0aames@co

OVERVIEW rst quarter, the Uongly with GDP

4. Other indicagth as U.S. retail te of 8.4% since % over the samereal spending. Axpected to keep

g across the U.S.hrough the first t rate of 5.9% is

et outlook also lonings in July 2014hat in the Septemoss the three mah time in the pasd by more than ellevue area mailoyment rate of e past 12 month

tight, with the opps) on a year-oe a popular dest rents climbed $

$39.47 psf. Eastscancy rates drop

ally, half of the suall available of clrkland).

e quarter for 176n date estimatedding at its main cnced it would alrters in Pickerin

ve office buildingell Crow’s 929 On Development on to start cons

HOT EAT

ch Publication

information, contaes, Senior Researc666 omre.com

U.S. economy increasing by ators continued sales increased January. e period As spending p improving.

economy as nine months of the lowest it haooks promising 4 than in January

mber job’s ain office-using st decade that 100,000 in a ntains healthy just 5.2% as job

hs.

overall vacancy over-year basis ttination for $0.21 per squareside Suburban pping in every ubmarkets have ass A space (405

6,656 sf in d for Q4 2015. campus, as the low Costco to

ng Place.

g under Office Tower in and Schnitzer struction. New

act: ch Specialist

as

y

bs

to

e

5

producHowevin hugethe pipSpring and neoccupymake t

STAT

Overa

Direct(psf/yrYTD L(sf)

DIRE

OVER

$

$

$

$

$

$

psf/y

r

0.0.1.1.2.2.3.

msf


ct is not expectever, Microsoft lae amounts of qupeline are a few District, and Ta

early no new proy space on the Etheir needs met

TS ON THE G

all Vacancy

t Asking Rents r) Leasing Activity

ECT RENTAL V

RALL OCCUP

$25.00

$26.00

$27.00

$28.00

$29.00

$30.00

2010

DIRECT GROS

2.4

0

.0

.5

.0

.5

.0

.5

.0

2010

LEASING A



ed to be on the ayoffs and corpouality space beco corporate parksalus Corporate Poduct under conEastside will have or look elsewh

O Q3 2013 Q3

13.3%

$28.14

1,114,885 2,6

VS. VACANCY

PIER ACTIVITY

2011 201

SS RENTAL RATE

2.1

220.3

2011 2

ACTIVITY



erved.

market until theorate consolidatioming available. Fs, including EstePark. With littlenstruction, tenane to find creativeere.

3 2014 Y-OCHANG

10.8% -2.5

$29.39 4.4

627,901 135.7

Y RATES

Y

2 2013 Q3

DIRECT V

2.2

2.4

0.1

0.2

2012 2013

USER SALES ACT


e end of 2015. ion could result Further out on rra Park, the space available nts wanting to e solutions to

-Y GE

12 MONTHFORECAST

pp

4%

7%

0.0%

5.0%

10.0%

15.0%

20.0%

3 2014

VACANCY RATE

2.6

0.2

0.1

YTD 2014

TIVITY

Q3 2014

1

HT

4




OFFICThe So2014 w(pps) ytenantappliesare Rein offic14.2% accomfeet (sfuture

Major will beFederamarkecould of a ki

OUT

SEA

OFM

A Cu




CE MARKET Oouthend marketwith the direct vyear-over-year tts market with as to smaller spacenton and Tukwce market. With in Tukwila ther

mmodate a tenansf) or more. Thise.

news this quarte relocating to Pal Way, which cet for sale. Altho also be looked aind campus will g

LOOK

ATTLE, W

FFICE SARK

ushman & Wak

Commerce 2600

ch




OVERVIEW t has maintained vacancy rate decto 18.1%. Althouan overall vacancces. The two tig

wila, which are boh an overall vacare are currently nt looking for avs will be a comm

ter was the annoPioneer Square inonsists of 560,00

ough, this is a maat as an excitinggenerate lots of

WA – SUB

SNAPSHETBE

kefield Researc






its improvemencreasing by 1.3 pugh, the Southency rate of 19.2%,ghtest markets inoth considered pancy rate of 13.4only two buildinailable space of

mon trend for th

ouncement that n 2016. Their he00 sf, has been pajor setback to t time. It is expec

f interest from p

BURBAN

HOT EAT

ch Publication





hs.

nt throughout percentage pointnd is still a , this really only n the Southend part of the close

4% in Renton andngs that could 20,000 square

he foreseeable

Weyerhaeuser eadquarters in put on the the Southend it cted that the onotential buyers.

N

act: ch Specialist

as

y

bs

ts

e-d

ne

The Sotenantmarketcomparequirekeep tas no nof year

STAT

Overa

Direct

YTD L

DIRE

OVER

$$$$$$$$

psf/y

r

20

40

60

80

msf


outhend market ts looking for spats. As space bec

anies may decideements. Expect ticking downwarnew constructiors in this market

TS ON THE G

all Vacancy

t Asking Rents (ps

Leasing Activity (sf

ECT RENTAL V

RALL OCCUP

$17.00$18.00$19.00$20.00$21.00$22.00$23.00$24.00

2010

DIRECT GROS

413

28

0

00

00

00

00

2010

LEASING A



will continue toace in the Seattlcomes more expe to look at the to see the vacanrd with a slight inon is expected tot.

O Q3 2013

19.8%

f/yr) $20.23

f) 141,598

VS. VACANCY

PIER ACTIVITY

2011 201

SS RENTAL RATE

623

456

42

2011 2

ACTIVITY



erved.

o benefit from thle CBD and the pensive in those Southend to mency rate ncrease in averao come online in

Q3 2014 C

19.2%

$21.13

272,517

Y RATES

Y

2 2013 Q3

DIRECT V

456

214

0 44

2012 2013

USER SALES ACT


he excess of Eastside markets, many eet their age asking rates, n the next coupl

Y-O-Y HANG

E

12MONTHFOREC

AST-0.6pp

4.4%

92.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

3 2014

VACANCY RATE

675

44 104

YTD 2014

TIVITY

Q3 2014

1

e

2HCT

4




OFFICThe SevacancAlthoupremicompapushin

Amazoin ChiQueenannouoperat200 O165,99

OUTSeattlecompaThe Fias a retightesmore

SEA

OFM

A Cu




CE MARKET Oeattle CBD marcy rate declined ugh supply is tighum spaces expeanies have been ng vacancy rates

on maintains its ldren’s Hospitaln Anne/Lake Un

uncement, statedtion from its spr

Occidental, signin96 sf.

LOOK e CBD is becomanies while spacinancial District esult of overflowst submarkets focompetition for

ATTLE, W

FFICE SARK

ushman & Wak

Commerce 2600

ch




OVERVIEW rket continued to by 4.3 percentahtening across arienced the grea very active and lower.

expansion with ’s former 1915 T

nion. Weyerhausd it would be morawling Federal Wng a lease in the

ming an increasinges over 100,000 is expected to e

w from Pioneer Sor class A office r office space in

WA – CB

SNAPSHETBE

kefield Researc






o perform well aage points to endall segments, largatest absorption have been the d

a 262,726-squarTerry Building, lser, in a surprisinoving a large porWay campus to Pioneer Square

gly popular dest0 sf are becomingexperience stronSquare and Lake space in Seattle downtown Seatt

D

HOT EAT

ch Publication





hs.

as the overall d at 10.8%. ge block and . Tech

driving factor in

re-foot (sf) leaseocated in Loweng rtion of its the yet unbuilt building for

tination for g difficult to findng leasing activite Union, the CBD. With tle, vacancy is

act: ch Specialist

as

y

bs

e r

d. ty

expectrents a

Two mCBD. way is submabeen leestimavacancto dec

STAT

Overa

Direct

YTD L

DIRE

OVER

$$$$$$$$$

psf/y

r

0.

1.

2.

3.

4.

5.

msf


ted to drop intoare expected to

major factors are First, the 3.9 m in the Denny R

arkets. Second, aeased by Amazoated 1.5 msf avaicy rate once delicrease.

TS ON THE G

all Vacancy

t Asking Rents (ps

Leasing Activity (sf

ECT RENTAL V

RALL OCCUP

$24.00$25.00$26.00$27.00$28.00$29.00$30.00$31.00$32.00

2010

DIRECT GROS

3.3

0.3

.0

.0

.0

.0

.0

.0

2010

LEASING A



o the single digits increase.

e heavily influencmillion sf (msf) of Regrade and Lowa large portion oon. The remainilable for lease, wivered, but until

O Q3 2013

15.1%

f/yr) $30.81

f) 2,672,913

VS. VACANCY

PIER ACTIVITY

2011 201

SS RENTAL RATE

4.3

39

0.1

2011 2

ACTIVITY



erved.

s for all CBD su

cing the supply if construction cu

wer Queen Anneof this new prodng new supply inwhich may slight then vacancy ra

Q3 2014 C

10.8%

$31.39

2,020,419

Y RATES

Y

2 2013 Q3

DIRECT V

3.9

3.1

1.8

0.09

2012 2013

USER SALES ACT


bmarkets and

n the Seattle urrently under e/Lake Union uct has already ncludes an tly raise the ates will continu

Y-O-Y HANG

E

12MONTHFOREC

AST-4.3 pp

1.9%

-24.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

3 2014

VACANCY RATE

30.09

0.2

YTD 2014

TIVITY

Q3 2014

1

e

2HCT

4

Quarterly market Reports daily investment newsletter

Documents

Views on FiFth AVe oFFice / hotel RedeVelopment oR leAse ......•d building, Avg room size 385/sF sold: 9/10/2014 2 421 black lake blvd sw 2000 4th Ave w. olympia, wA $12,043,600