CBD Office Rents and Occupancy Rising in Inland Empire

SPOKANE, WA-Both office rents and occupancy rates are on the rise here, especially for premium, Downtown office spaces. That is the upshot of a recent survey by the Spokane real estate firms Tomlinson & Black Commercial Inc. and Kiemle & Hagood Co. and Auble, Jolicoeur & Gentry, appraisers.

While vacancy rates had been hovering around 5% the past few years, according to the survey they have recently tightened up to 3.25% in class A buildings in the Downtown core. Tomlinson & Black president Mark Pinch tells GlobeSt.com that owners representing about 930,000 sf in the central business district were surveyed.

It’s the CBD’s class A space, which are averaging $18.50 per sf, that are so highly in demand, according to the report. When class A, B and C spaces are combined, the vacancy rate jumps to 9.7%. In contrast to class A numbers, Pinch says a survey of 31 class B buildings posted very different results–13.25% vacancy and average rents of only $11.63 per sf.