East Snohomish County Commercial Market Update (June 1, 2009)

The following is a “reprint” from my Commercial Real Estate Newsletter. If you’d like to receive a print or email copy, let me know.

In this month’s issue we’ll review the market in eastern Snohomish County. This report covers Snohomish, Monroe, Sultan, Gold Bar, Index and spots in-between.

Like the residential market, the commercial market has been hit hard by financing problems and the overall down-trend in the economy. Fewer new businesses are opening, existing businesses are cutting back or at best, not expanding.

Most experts are expecting things to get worse in the commercial market over the next year as loans come due and owners can not refinance.

Definitely, the power in negotiations is changing to the buyers and tenants. Along with price changes, concessions by sellers and landlords are becoming more common.

Here are the current statistics according to data available from the Commercial Brokers Association (CBA) database.

Current For Lease Properties

Industrial

• Square Footage Available – 548,334 sf
• Average Asking Rent – .66/sf

Land

• Square Footage Available –
  60,094 sf
• Average Asking Rent – .06/sf

Mixed Use

• Square Footage Available –
  4,534 sf
• Average Asking Rent – $12.58/sf

Office Only

• Square Footage Available –
  10,635 sf
• Average Asking Rent – $12.66/sf

Office/Retail

• Square Footage Available – 119,550 sf
• Average Asking Rent – $14.29/sf

Retail Only

• Square Footage Available – 233,002 sf
• Average Asking Rent – $21.68/sf

 

Recent Sales

Since the beginning of the year there have been 4 sales recorded by CBA:

• Sultan Plaza in Sultan sold in April for $2,750,000
• IDT Manufacturing Building in Monroe sold in April for $2,000,000
• Arco AM/PM in Snohomish sold in January for $1,431,000
• 1012 1st St Building in Snohomish sold in February for $250,000

Jason Hershey, Commercial Agent
Commercial Sales and Leasing
CENTURY 21 North Homes Realty, Inc.
13322 Hwy 99 South, Suite #201
Everett, WA 98204

Cell: 425-417-5389
Fax: 425-223-3148

www.nwcommercialre.com
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