Date: Monday, April 18, 2011, 12:06pm PDT – Last Modified: Monday, April 18, 2011, 3:57pm PDT
- Jeanne Lang Jones
- Staff Writer
- Email: jlj
A series of big office leases has popped the Seattle area office market into the top five nationally, according to a new report by Marcus & Millichap Real Estate Investment, an Encino, Calif.-based real estate services firm.
Strengthening demand from major employers looking for bargain rates on prime office space boosted Seattle’s ranking sharply, up six slots to No. 4 from tenth place last year. One example: Russell Investments took more than 200,000 square feet of space off the market when it relocated from Tacoma to Washington Mutual’s former headquarters in downtown Seattle. The trend has continued, with Amazon.com (NASDAQ: AMZN) taking additional space, including 70,000 square feet in Columbia Center, even as it moved into its massive new headquarters campus in South Lake Union.