Pierce County office vacancy at 12.2 percent

Pierce County’s office vacancy rate, unaffected by the high-tech demand that is driving Seattle and Eastside vacancy rates lower, showed little movement during this year’s second quarter, a new survey shows.

Both Seattle and Bellevue, where space is being leased by technology firms eager to open outposts in the Northwest, had lower vacancy rates than Pierce County’s 12.2 percent.

The Eastside office vacancy rate in the second quarter was just 7.4 percent while Seattle posted a 10.2 percent vacancy rate. Overall, the office vacancy rate in the Puget Sound region was 10.1 percent.

South King County, however, fared worse than Pierce County with 14.4 percent of its offices vacant, according to a Colliers International study.

Regionwide, demand is driving new construction. Some 22 buildings are under construction with 8.7 million square feet of office space. No large office structures are being built in Tacoma, however.

Pierce County fared better in the industrial real estate market, where Colliers reported a 4.2 percent vacancy. Both King County’s Eastside and north end reported higher industrial vacancy rates. The Kent Valley, however, had just a 3.4 percent industrial property vacancy rate. Just 2.2 percent of space was reported vacant in industrial areas close to downtown Seattle.

This story was originally published July 31, 2015 at 7:14 AM with the headline "Pierce County office vacancy at 12.2 percent."