|
  |
|
|
|
|
January 2004 Greetings, and welcome to the January 2004 edition of Schuler Properties' market update and space available. For those of you who live outside this area, we started the New Year with a winter blast of 6-8 inches of snow, which pretty much shut things down yesterday. Who says it never snows around here? There is good news to report on the industrial occupancy front. After second and third quarter net absorption of 550,000 square feet in the 8 million square feet of Pierce County Industrial space we tracked last year, there was additional net absorption of 71,000 square feet in the fourth quarter. This brings vacancy below ten percent for the first time in two years. The two largest deals of the quarter saw Girard Wood Products and Coca-Cola each take 100,000 square feet, at Lakewood Industrial Park and Rainier Corporate Park East, respectively. Incidentally, Rainier Corporate Parks East and West were sold last month by the Multi-Employer Property Trust to Teacher's Retirement Fund. Excise tax records put the price at $53,800,000.00 or $49.00 per square foot. Although AMB, buyer of Trans-Pacific, the county's third largest industrial park, was rumored to be in the running, they were unsuccessful in their bid for the Rainiers. Other deals in the market last quarter included Morgan Trucking taking the 50,000 square foot "Texas tilt-up" at 1721 Lincoln Avenue and Pallet Services replacing Morgan, two blocks to the east. We leased 15,000 square feet at Trans Pacific Industrial Park to AD Electronics, 8,300 feet at 2523 Pacific Highway to Johnny's Enterprises, 12,000 square feet at 80th & Durango to Trugreen Landcare and with an assist from Monte Decker of CB Richard Ellis, 15,000 square feet at 2521 Pacific Highway East. Although the Washington economy is still trailing National in their respective
gradual rebounds, things appear to be looking up for 2004. We wish all
of you a healthy and prosperous new year. Click here to view
our Space Available list. |