New Space Needs Drop Off as Slowdown Makes its Presence Known

BELLEVUE, WA-The Boeing Co.’s decision to move its world headquarters and a 6.8-magnitude earthquake are just the beginning of a what is expected to be a bumpy ride for the Puget Sound real estate industry, according to a new report from Bellevue-based Hebert Research.

Jim Hebert, president of Hebert Research, a Bellevue, Wash –based firm, said his company recently completed a study that supports the commonly held philosophy that a slowdown is here for quite some time. The Hebert study found that only 13% of local executives expected to expand their facilities during the next 12 months, compared to 23% one year ago.

“The other interesting fact was the number of companies that have entirely postponed the idea of expanding,” Hebert said. “It is really affecting the market, especially new construction.”