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January 6, 2009

Region's real estate markets will struggle this year: Grubb & Ellis

  • Downtown Seattle's office vacancy expected to hit 15% by the end of the year, and industrial vacancies should hit 7%.
    • By JOURNAL STAFF

    The commercial property market in the Puget Sound region is expected to struggle this year, but the apartment market will be less affected by the economic downturn, according to a report released by the Seattle office of Grubb & Ellis.

    With more than five million square feet of office space under construction, the region has reached levels of development not seen since 2001, according to Patrick Mullen, research analyst with the firm. He predicts vacancies will rise and rents will fall this year.


     
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