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Puget Sound Office First Quarter 2009:
Weathering the Recessionary Strom
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 Alana Ness at 206.223.1262 for more information.
  1Q09_office_report.pdf
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