Spokane Commercial Real Estate Vacancy Rates
October 11, 2010 Leave a comment
Now that I have written down these numbers for several weeks, I can create a chart showing the big picture view. Update: The “Office” category may be in error and should likely read about 1 percentage point lower; this was due to hand transcribing the data.
The dates shown as the “week” are approximate. I usually check the numbers on Monday or Tuesday, but that can vary. I may update this chart in another day or two as the data, this week, is from the middle of last week.
I suppose that the Industrial and Office space trends are more important in terms of the overall economic health as both may provide higher paying jobs than retail. Office space remains flat and Industrial is still trending upwards.
Out of curiousity, I looked up old vacancy rates appearing in past news reports:
- 2002: About 10% retail vacancy rates in Spokane Valley (this is after the 2001 recession)
- 2002: About 7% to 10% commercial real estate vacancy rates in Spokane
- 2005: Office 13.6%, Retail 7.2%, Industrial 9.9%
- 2006: Office 12.7%, Retail 7.7%, Industrial 9.5%
- 2007: Office 11.6%, Retail 7.5%, Industrial 9.0%
- 2007: Retail vacancy rate of 14.6%.
- 2008: Retail vacancy rate of 13.4%
- 2008: Downtown Spokane office vacancy rate of 13.8%.
Note that it is not possible compare precise numbers from year to year because each real estate firm has its own way of conducting surveys and there is often a fair amount of variation between each firm’s measurement. The Kiemle & Hagood report for 2010 is quite a bit different than that of OfficeSpace.com and shows lower vacancy rates.
It is fair to compare the “big picture” view so that a 10% (or so) in 2002 compares to about 23% (or so) in 2010.
- Office vacancy rates continue to climb (financialpost.com)
- O.C. a tenants’ market through 2013 (lansner.ocregister.com)
- Signs of Recovery for Office Market (online.wsj.com)
- Office vacancies flat in Seattle and Eastside (seattletimes.nwsource.com)