Seattle’s Booming Office Market Prompts Developers to Dive In Head First
By Alex Girda, Associate Editor
The local office market has seen a number of blockbuster transactions this year, illustrating high interest in what Seattle has to offer. In fact, there doesn’t seem to be enough space to go around, and developers like Skanska USA are currently considering speculative construction, Skanska on its 400 Fairview Ave. N. project. Seattle’s uptick in rents and vacancy drop have created an environment that could argue in favor of such a move, The Puget Sound Business Journal reports.
The South Lake Union office project would call for a 12.5-story building to be constructed on Fairview Avenue N. The structure would offer about 350,000 square feet of prime commercial office space in one of the fastest-growing tech neighborhoods in the entire country. However, the large development would have to wait for some zoning changes, and the city has been trying to redefine the building guidelines for the area for close to a year now. The first quarter of 2013 should be the deadline for the zoning changes; should the company decide to proceed with development, it has the possibility of applying for a text amendment that would allow it to build such a large project.
The 400 Fairview development was designed by SkB Architects and includes a top-floor private deck that could be used for corporate events with food and drink. The ground-level “Market Hall” would include a number of small retail spaces, while a multi-entry hall could be available for client greetings and tenant gatherings.
Image courtesy of skanskahub.com