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Friday, March 30, 2007

Office space in Snohomish Co. 17-18% vacant, Industrial good.

Speaking of small business creating jobs: Snohomish Co. office space is currently showing vacancy at about 18%. In Lynnwood, the office vacancy rate is approximately 25-30%. Industrial space (read: Boeing & suppliers) appears firm.

Office space, meanwhile, remains harder to fill. Cushman & Wakefield and Colliers International commercial property firms reported that 17 to 18 percent of the county's premier office space was empty last quarter.

"The cause and effect of this is that tightening in King County tends to push people up I-5 to Snohomish County," Hoban said, though he said there are also a few new businesses sprouting up locally that have leased offices in Everett.

I suppose one could argue that just because there is a good chunk of office space available for small business (who typically drive the economy with job creation), that does not mean that hiring is slowing. Mixed signals?

Doing business in Edmonds recently, I noticed the sign-carrying-day-workers holding large signs on the corner of 205th & Hwy 99. "Comp USA Closing: everything 30-50% off." I also recently read that Circuit City is laying off staff. If consumer products are flying off shelves at these stores, why are these stores closing and laying off staff? What businesses will be taking over these large stores once they vacate?


12 comments:

S Crow said...

Sorry that I didn't enable the comments.

biliruben said...

That Comp USA blows. I live just around the corner, and I refuse to go back. I'm not surprised it's going out of business.

Michael said...

And Circuit City isn't exactly laying people off. No, they're offering the highest paid workers the ability to reapply for their jobs at lower pay, which IMHO is more egregious than simply laying people off.

I agree, CompUSA blows, too -- Terrible customer service.

wreckingbull said...

What michael points out is exactly why the argument that 'wages will catch up to home prices' is a total joke. Home prices will come down to meet wages, as Globalization has now entered the fray, love it or hate it.

flotown said...

office vacancies had been at 22% plus last year. It was way overbuilt during the dot com era. I wouldn't look too much into it as an indication that jobs growth here isn't robust

EconE said...

And Circuit City isn't exactly laying people off. No, they're offering the highest paid workers the ability to reapply for their jobs at lower pay, which IMHO is more egregious than simply laying people off.

WTF?!?!?

are you serious? This kind of Sh#t is happening? I wonder how the Fed is going to spin those numbers to try to sell us on a rosy economic outlook.

Richard said...

Comp USA is gone. Some of the employees are still there walking around in their red vests and name tags, but the store isn't there - some closeout company is getting rid of the merchandise and staffing with the original employees. The prices are ridiculously high for closeouts. The memory card I needed was twice as much at the "closeout" price as on their website.

Richard said...

Well, at least CC is giving them the chance to re-apply this time. When they laid off all comissioned sales staff at the end of '03, they made it clear that they weren't welcome to apply for the hourly positions.

plymster said...

Here's a link to the Circuit City story, for anyone who's interested in the details.

So recently, we have foreclosure's rising at record rates, big box store driving down wages or shutting down altogether, and Dubai and a few other gulf region nations switching from the Dollar to Euros. This means globally driven inflation coupled with dropping wages. This will make the Great Depression look like "the good old days".

On the plus side, maybe this is the sort of slap in the face the US needs to wake up and clean up our corrupt government, rebuild our infrastructure, and build wealth by adding value, instead of selling beanie babies and homes to each other.

wreckingbull said...

From TFA:

Circuit City pays about $10 to $11 an hour, on average, said Rick Weinhart, an analyst with BMO Capital Markets Corp. in New York. Entry level pay probably is close to $8 for inexperienced workers, he said.

Yeah, they are paying those workers way too much. Good thing they are slashing those wages.

Yelli said...

This picture says it all.

The more things change, the more they stay the same...

JD said...

What really amazes me is that rather than reduce the rents to fill the vacancies these places are lying empty, some for years. If these owners would take a dose of reality therapy they might at least make something on them. I know of too many potential Mom & Pop type places that don't start because the rents are way too high