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Despite a strong presence of multinational aerospace
and software companies, the Puget Sound office market is slowly showing
signs of a recessionary economy. Nearly 50,000 people lost their jobs in
Washington State during Q1 2009 with the Puget Sound’s unemployment rate
posting at 9.1% in March. Despite poor economic indicators, the Puget Sound
is still showing signs of resilience. Unemployment rates held steady for
the months of March and April despite having increased steadily for the
past 17 months. Additionally, the government added nearly 2,400 jobs in
April with the leisure and hospitality industry following close behind
with 700 jobs added. Difficult economic times can produce opportunities
for many tenants: the market has an abundance of qualified employees, attractive
incentive packages and low office rents in previously unaffordable locations.
Contact Taylor Odegard at 253.680.6616 for more information.
  1Q09_office_report.pdf
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