Puget Sound: End of the Storm?

As 2009 came to a close, it proved to be one of the most turbulent years for the commercial real estate industry in recent history. The collapse of the national finance markets caused a ‘domino’ effect in the region: property values plummeted, leasing rates decreased, and consequently, loan obligations were not met. While the impact felt in Washington lagged behind the rest of the nation, it was nevertheless a serious blow to the local economy as evident by unemployment rising to its highest rate (9.6% in March 2009) since 1993. While local unemployment is on a decline (currently 9.1%); the state of Washington paid a record $3.97 billion in unemployment benefits to nearly 470,000 citizens throughout 2009, with high payouts projected for 2010.

Contact Alana Ness at 206.223.1262 for more information.

4Q09_PugetSound_Industrial_Report.pdf

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