Laxson says most of Everett's Class A office space is tied up inthe buildings owned by Art Skotdahl—a local commercial real estateking pin. And, for the most part, Skotdahl is sitting onwell-tenanted properties, leaving little available for tenantsseeking quality Everett address.

At the end of the first quarter, a report out of the Seattleoffice of Grubb & Ellis counted 3,542,626 sf in the Northendmarket, of which 1,305,739 sf belong to Everett. While the reportlists the city as having a 19.9% vacancy rate, Laxson notes thatmuch of what is vacant falls short of class A ranking.

Laxson adds that most of the higher-quality office space that isavailable here is very small pieces. "We recently had a clientlooking for around 2,000 sf of office space in downtown, but it'sbeen hard to find anything of good quality in that size range.There are a lot of 1,200-sf to 1,500-sf spaces available, butthey're mostly in class B and C buildings."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.