Commercial Space Online's "Third Quarter Statistical Report"shows that between July 1 and Sept. 30, five new downtown Seattleprojects were completed and 16 projects broke ground, bringing newconstruction in Seattle to 8.2 million sf -- an 11% increase.During the same period, the Eastside saw the launch of 7 new officebuildings, pushing its space under construction there to 5.2million sf.

Thankfully, according to the report, 42% of all office spacecurrently under construction in Seattle and on the Eastside hasbeen spoken for with signed lease agreements. The activity haspushed to-date absorption in the two markets up a whopping 55% from1999. Through the first three quarters, the Seattle/Bellevuemarkets absorbed 4.13 million sf. In 1999, the first nine monthssaw only 2.66 million sf preleased.

"The pre-leasing we've been seeing is previously unheard of inthe Northwest marketplace," says Rob Aigner, executive managingdirector for Colliers International in Seattle. "Nearly 85% of newbuildings are pre-leased before they open for occupancy."