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Industrial Market Trends for Spokane County Q3 2019
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LEASE RATE TRENDS As the graph suggests, average monthly lease rates are generally increasing, with the 2019 year-to-date rate of $0.54/sq. ft., NNN, the highest of the four-plus year period. For reference, available competing market industrial asking rates are averaging about $0.56/sq. ft., NNN. As will be discussed in the vacancy and absorption trends section, lease activity has been steady, with no reason to assume any change in the near term. Current Vacancy Levels Vacancy rates vary widely from building to building, with CJM’s recent survey indicating an overall vacancy rate of about 4.51% (down about 70 basis points from CJM’s Q1 2019 survey). Discussions with local brokers suggest recent Spokane industrial vacancy rates are generally similar to CJM’s survey results. Absorption Trends 2019 projected...

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Office Market Trends Skagit County Q3 2019
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LEASE TRENDS From 2015 to 2018, total leasing volume ranged from approximately 39,000 to 52,000 sq. ft. annually in three of the four years, with 2016’s leasing volume well above the average for the last five years. 2019 appears to be headed for total annual leasing in line with 2015, 2017 and 2018. Average NNN asking rents fluctuated between $14.13 and $14.95 per sq. ft. over the last five years, suggesting demand relative to supply has generally been stable in the market over this period.[1] [1] Includes listings for preleases for new tenants and vacant space OVERVIEW OF ACTIVE LISTINGS The table below summarizes existing asking rates for Skagit County office space. OVERVIEW OF ACTIVE FOR-LEASE LISTINGS Skagit County Office Space Item Value Minimum ...

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Retail Market Trends Yakima County Q3 2019
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LEASE TRENDS The graph below indicates annual NNN asking rates are inconsistent, with the 2019 average asking rate identical to the 2014 rate ($14.00/SF) and, as the trend line indicates, annual asking rates are flat, if not trending downwards slightly.[1] Current Vacancy Levels CJM’s survey of area properties indicates vacancy of about 11.50%, although the smaller properties (under 20,000 sq. ft.) reported a vacancy rate of about 6.50%. CAPITALIZATION RATES Realty Rates OAR information, which is less relevant given its national survey, suggests free standing retail building OARs are declining, while PwC’s survey suggests retail strip center (the only generally similar retail OARs available from PwC) rates are rising; CoStar’s regional retail OAR survey indicates a modest decline. The six Yakima properties listed in the table below were tenant-occupied and sold during the past four...

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Effort to revive Seattle Civic Square continues
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The long-running effort to get Civic Square going again continues, though it's now behind the schedule city of Seattle officials laid out last year when they announced a tentative deal to have condo builder Bosa Development take over the project. On Tuesday, Mayor Ed Murray <https://www.bizjournals.com/seattle/search/results?q=Ed%20Murray> transmitted to the City Council legislation authorizing the sale of the 10-year-old Civic Square project to Burnaby, British Columbia-based Bosa, the most active condo developer in the Puget Sound region. It's basically the same framework of the tentative deal announced nine months ago.   At the time, Murray's office – eager to do something about downtown's biggest blight, a city-owned property in direct view of the mayor's office – said it hoped to transmit the legislation...

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Settlement or not, Civic Square deal with Triad still is dead, Seattle mayor says
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Original article appeared in the Puget Sound Business Journal by:  Marc Stiles, Staff Writer For Seattle Mayor Ed Murray, Wednesday's $5.7 million settlement of the Civic Square lawsuit changes nothing. Murray said that Triad Capital Partners still won't be developing the $400 million Civic Square project, which includes a high-rise with condominiums and office space along with a public plaza. This is in direct contrast to how Triad President Fred Grimm interpreted the settlement. In a statement issued Wednesday, Grimm said, “It’s nice to put (the lawsuit) behind us so we can get started on this great development.” The settlement and Murray's reaction are the latest in a scandal over a scar in the heart of downtown Seattle. The block between Cherry and...

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What if they built a skyscraper and no one came?
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Original article appeared in the Puget Sound Business Journal by:  Marc Stiles, Staff Writer   Despite its gloomy weather, Seattle’s outlook can be downright sunny. Among the most optimistic bunch are the office developers. Spurred by some of the nation’s strongest job growth and enabled by investors eager to get a piece of Seattle, developers are building 17 office buildings across the region totaling 6.3 million square feet. That equals 10 percent of the existing best-in-class space, and doesn’t include a dozen other proposed projects with millions more square feet. Amazon already has spoken for much of the space under construction, but vast amounts remain unleased. This surge of skyscrapers without tenants sets up the specter of another bubble bursting. This risk “is the...

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DeCollibus Tapped as Managing Director
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Bellevue, Washington – Aaron David DeCollibus has been promoted to Managing Director of the Bellevue commercial real estate appraisal firm CJM Advisors as part of the company’s long-range strategic planning.  CJM’s President, Chuck Munson, MAI, ASA, AI-GRS, welcomed the move. “When I started CJM over 25 years ago in my living room, I had a vision of eventually covering the entire west coast. We’ve appraised in Washington, Oregon, and California, but have not become permanently imbedded in all three states. With Aaron taking the helm, we’ll stay the course and, with Aaron’s ability and drive, the vision should become reality.”  DeCollibus added, “I have plans to extend our geographic areas of coverage into California, Nevada, and Oregon, to expand our professional...

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Perception and reality
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An interesting story, as part of National Friendship Week, has been floating around the internet. In Scotland during the late 19th century lived a poor farmer named Fleming. One day, while working on his meager farmhouse, he heard a cry for help coming from a nearby bog. He dropped his tools and ran to the bog. There, mired in black muck, was a terrified boy, struggling to free himself. Farmer Fleming saved the boy from what could have been a very slow, agonizing death. The next day, a stately carriage pulled up to the Scotsman's modest surroundings. An elegantly dressed nobleman stepped out and, as Fleming removed his hat and bowed slightly, introduced himself as the father of the boy whom Fleming had...

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