The report notes that rental rates in at least two DowntownSeattle buildings, Two Union Square and Bank of America Tower, arenow topping $50 per sf full service, and adds that the HomeportMarina Building in Downtown Kirkland has also exceeded the $50benchmark.
Overall, the report states that class A rental rates in thePuget Sound region, which is experiencing a record low 2.5% vacancyrate, is averaging $35.42 per sf, and shows no signs of taperingoff.
While Seattle area developers currently have roughly 6.5 millionsf of space currently under construction, with another 15.5 millionsf of space in the proposed or planning stages, the Grubb &Ellis report predicts a balance between supply and demand remainsmany months off for the Puget Sound area, unless there is anunforeseen drop in demand from the high-tech sector.
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