The Downtown Seattle market and its outsized tech presence has certainly felt the ill-effects of COVID-19 and the stay at home order at this juncture. At present, 2.3M SF (inclusive of the 600K SF available at Rainier Square) of sublease space is currently on the market in buildings with at least 10K SF of space available. Those spaces have stayed on the market for an average of one year (364.5 days exactly). Blocks of space from 20K to 50K SF account for 50% of total sublease availabilities, followed by spaces 10K to 20K (28%), less than 10K SF (20%), and 50K to 100K SF (2%). These numbers reflect sentiment that big tech is weathering the storm well, medium-sized businesses are struggling with the long-term viability of office space, and small businesses are struggling to make ends meet entirely. In the past 30 days, 13 sublease spaces (311K SF) have come on the market, highlighted by 66K SF at 906 Alaskan Way.
Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively. At Colliers, he leads a team of researchers to collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.
His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in the Pacific Northwest evolves over time.