Monday, November 19, 2007

Demand Remains High for Tacoma Office Space

While lease rates remain largely flat around the South Sound (despite a continuing decrease in available space), demand is highest for spaces in the greater Tacoma area, according to Colliers International's third quarter real estate report.

Downtown Tacoma and Gig Harbor tied for the highest average rental rates for full-service Class C office space; both markets reported rates at about $19 per square foot. Higher-end Class B spaces were going for up to $23.50, with the highest rates found in Fife and Gig Harbor. Puyallup and Sumner posted the highest rates for professional-grade Class A office space at $28.25 per square foot.

One big factor in the rate increase has been an increase in medical offices siting in the area.

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