Dude, Here's How to Get Tenants
How can Seattle office buildings compete for new tenants? Be cool, JLL managing director Laura Ford tells us. (Oh man, that was the same advice we got in high school and we failed pretty badly.)
Seattle’s in the midst of a fairly tight employment market, with tech/creative and professional services firms all competing aggressively for the Millennial employee, Laura explains. This has meant that buildings--whether they’re in the on the skyline or not--have to offer a fresh, vital look and highly amenitized environments. (In- office magician?) The cool factor, if you will, in order to win new tenant interest, she says.
Cool core buildings also attract investor interest. According to JLL's latest research, Seattle saw the 8th largest sales transaction rate in the nation in trophy and Class-A office, and rent growth among newly traded properties has been significant. Such Seattle buildings that have traded since 2011 have an asking rate of $38.27/SF, a premium of 6.8% above the trophy and Class-A asking rates nationwide. JLL managing director Lori Hill (snapped recently with Roger Staubach) tells us that Seattle now counts as a tier-one gateway market for institutional investors, who’re still looking for high-profile core properties. Seattle offers them that.