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March 2004 Greetings, Welcome to the March 2004 edition of Schuler Properties’ market update and space available. In January, we reported vacancy in the industrial buildings this office tracks was below 10% for the first time in two years. In January and February, the positive activity has continued. The following deals in the market for over 20,000 square feet have either taken place or have leases ready for signature that will close by the end of the quarter. These are: 1. 78,000 square feet, Rainier Corporate Park East, veterinary supply distributor. 2. Lakewood Industrial Park, building 19 – 67,000 square feet (tenant undisclosed). 3. 59,500 square feet, Rainier Corporate Park East (sublease), Milgard Manufacturing from TaB Distribution. 4. 42,000 square feet, Trussco Industrial Park, Sumner, The Green Room coffee roasters. And, of course, 5. The PSBJ on Friday reported Norvanco Warehousing has signed an intent for the entire 492,000 sq ft Summit building at KD/Washington Capital Sumner Corporate Park. Meanwhile, both OPUS and Northwest Building Corporation are sitting on 20 and 40 acre entitled properties along 70th Avenue East in Fife. Northwest has pads loaded for 350 and 175,000-foot buildings. OPUS is not yet that far along, but I would not be surprised to see OPUS spec a building before NWBC. As of this writing, I am not aware of any contiguous space larger than 84,000 square feet (Simpson Landing) currently available in Pierce County. We have a couple of new listings to talk about. The first is a new old listing. 1. Ostermann and Scheiwe, Frederickson, WA, 110,000 feet of metal buildings (42,000, 1985; 66,000, 1979) on 30 acres of industrial land with Tacoma Rail available. $5.3 million. The owner will consider offers that divide the property into 42,000 square feet on 7 acres and 66,000 square feet on up to 23 acres. 2. Ten acres at Mountain Highway and 8th Street South, high-traffic location, one-half zoned mixed use, one-half zoned residential, $4.00 per square foot. We remain excited about the prospects for 2004. Economic expansion and pent-up demand should make this year the best market for landlords since 2000. Watch for our end-of-quarter industrial space
recap next month.
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