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Posts Tagged ‘wall street journal’

It appears the Wall Street Journal has taken notice of the Portland-Vestas Wind Systems love affair, announcing the 500,000 SF headquarters decision I blogged about in an earlier post.

Vestas has expanded into an additional 18,000 SF at Harrison Square (1800 SW First Avenue) bringing their total square footage across three buildings between Naito Parkway and First Avenue to around 77,000 SF.  While this is some significant square footage, it is hard to believe that they would actually need 500,000 SF (that’s larger than the Fox Tower).  There are still some major hurdles to overcome and who knows what this deal will look like when it is finally completed. My guess, something closer to 300,000 SF and a 2010 construction start date. Especially if they want to be in or close to downtown.

As for the rates quoted in this article, they reflect an average including all types of office buildings across the entire market (downtown, eastside, westside). The average asking rate for just downtown buildings, all types, is actually closer to $22.75 with a vacancy rate of 7.7%.  As you can see, the downtown (CBD is our preferred acronym) is much tighter than this article would have you believe. This is a good thing. It means more businesses are choosing to locate in our downtown and take advantage of all the improvements made over the last five years.

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