X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EVERETT, WA-The Northend office market is the place to be right now, according to the latest data on the submarket, which contains 125 buildings hosting approximately 4.95 million sf of office space.

The Northend market lies north of Lake Union and the University of Washington, and includes Northgate, Lynwood, Mountlake Terrace and Everett. It spans two counties, King and Snohomish, and is predominantly concentrated around three major shopping centers: Northgate, Alderwood and Everett malls.

It’s a winning strategy. The last quarter’s report from C.B. Richard Ellis places the Northend vacancy rate at a mere 4.57%, the lowest of Seattle’s submarkets. The average rent for class A space in the market is running $25.07 per sf, with the buildings closest to Seattle generally asking the highest rates.

The future of the Northend office market lies in Snohomish County markets like Everett. Historically an industrial city, Everett continues to hold a small ratio of office properties relative to its 80,000 residents. OfficeSpace.com says Everett is presently home to 26 office buildings totaling approximately 1.25 million sf of space, several of which are now on the market.

The 52,100-sf Everett Mall Office Building is being offered at $6.2 million. Listing agent, Darrell Okada of Puget Sound Properties, says the asking price is below replacement cost. However, specifics on the property were not immediately available.

Randall Peterson of Westlake Associates in Seattle is listing the Chaffe Building, remodeled in 1986, for $2.8 million. This three-story office building holds 24,000 sf. According to Peterson, the asking price translates to a cap rate of 8%.

Yet to be constructed, the 128th Street Professional Center (at the corner of 128th Street and Fourth Avenue West) is proposed to contain 39,000 sf of office space, in three stories, on a 79,715-sf lot. Derek Heed of the Bellevue office of Colliers International says the asking price for this Class A property is $5.1 million. Pre-leasing efforts are asking $16 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.