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Puget Sound Office Market Struggles: Key Insights from the 2nd Quarter 2024
Seattle’s office market continues to grapple with significant challenges, marked by weak tenant demand, rising sublease space, and record-high vacancy rates, according to a recent Q2 2024 industry market report by brokerage firm Kidder Mathews. The Puget Sound region as a whole is experiencing a suppressed office market, with fundamentals underperforming. The market-wide vacancy rate has now increased for the tenth consecutive quarter, and net absorption totals were negative 1.5 million square feet for the first half of the year. Additionally, asking lease rates dropped by 4 percent year-over-year. These trends are particularly pronounced in Seattle, the region’s largest market, which is struggling with elevated levels of remote and hybrid work, reduced foot traffic (50 percent lower than pre-COVID levels), and the lowest occupancy rates in the area.
Marcus & Millichap Arranges $16 Million Sale of Orchard Park in Port Orchard, Washington
PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale of Orchard Park, a 66-unit property in Port Orchard, about 17 miles west of Seattle. The asset traded hands for $16 million. Orchard Park was built in 1981. The community offers units in one-, two- and three-bedroom layouts. The property was 96 occupied at the time of sale.
MultiCare forms ASC joint venture
July 17, 2024- Tacoma, Wash.-based MultiCare Health has launched a new joint venture with Atlas Healthcare Partners, which develops and manages ambulatory surgery centers in partnership with nonprofit health systems and physicians, according to Becker’s Hospital Review. The joint venture combines Atlas’ ASC strategy, development and operations skills with...
Seattle Public Schools approves 2024-2025 school year budget; deficit cut to $94M
Seattle Public Schools has adopted its budget for the 2024-2025 school year, including using a short-term loan to lower the district's budget deficit. The General Fund Operating Budget for the 2024-2025 school year is set at $1.25 billion. General fund revenue is projected to be approximately $1.3 billion for next school year, meaning total revenue does not cover the district’s planned spending. As a result, the district is utilizing a loan to cover the deficit.
Seattle space miner receives NASA grant
Interlune will use TechFlights to advance its proprietary technology for recovering helium-3 and other resources from the Moon. Interlune, a Seattle-based space mining tech startup led by a team of seasoned space exploration executives, has been awarded a $348,000 grant from NASA to advance a proprietary technology designed to recover helium-3 and other minerals from the Moon.
Black Bottle: Bringing Casual Fine Dining to Downtown Bellevue
Black Bottle is Bringing Casual Fine Dining to Downtown Bellevue. Taking the first steps into Black Bottle excites customers for what to expect - a hip, welcoming gastro tavern where you might find your new favorite drink. Pair one of their fun cocktails with a delicious seafood meal, or order a few of their extensive small bites to get the most of their special menu.
New location, new date for Low Rider Block Party
Since its inception, the Low Rider Block Party presented every summer since 2021 by Nepantla Cultural Arts Gallery has been near the gallery in South Delridge, and it’s been in August. This year, it’s moving to White Center proper, and moving up to July. A reader just tipped us that the block party is this Saturday, July 20, 11 am-8 pm, on 17th SW between SW Roxbury and SW 100th. The cars are just part of it! Art, music, food, more.
Seattle App-Based Workers And Restaurants Rally For Revisions To PayUp Ordinance
A comprehensive compromise bill awaits a vote as Seattle’s app-based workers and restaurant owners sit on the steps of Seattle City Hall, urging councilmembers Joy Hollingsworth and Cathy Moore to accept a compromise measure revising the Delivery Pay Ordinance and stem the losses associated with the new law. Seattle’s PayUp ordinance, which went into effect on January 13, 2023, requires large app-based delivery companies, like UberEATS and DoorDash, to pay drivers a minimum wage. The ordinance mandates that drivers are to be paid at least $0.44 per minute, $0.74 per mile, and $5 per delivery offer.
Daughter’s emotional plea answered after stolen U-Haul holding father’s ashes is found in Tacoma
SEATTLE — It wasn’t a typical move for Megan Plunkett. It was a move to honor her dad’s final wishes. “That was like the last thing he said was, ‘you need to go to graduate school, you need to go to [UC] Davis and you need to be influenced by your sisters,” Plunkett said.
Brady's Take: Perhaps the Alex Rodriguez and Seattle Mariners' Fans Fences Can Be Mended
As a longtime fan, I've never wanted to forgive Alex Rodriguez for leaving the Seattle Mariners. After hearing him speak on Seattle Sports 710 on Tuesday, the healing has started for me, and I bet it has for others as well.
Seahawks Sign Deep-Threat WR Before Start of Training Camp
The Seattle Seahawks are bringing in another wide receiver into training camp. As reported by Pro Football Network’s James Larsen, the Seahawks are signing wide receiver Marcus Simms. The 6-foot, 26-year-old receiver most recently starred for the UFL’s Michigan Panthers. “The Seattle Seahawks plan to sign All-#UFL @USFLPanthers...
Sip & Savor: Summerfest, Ice Cream Day, and an Anniversary
Lakewood’s Summerfest returns this Saturday at Fort Steilacoom Park with an array of food trucks, activities, and live music. The event also includes a Lego-building contest and volleyball tournament with prizes for the winning teams. For more info, visit here. National Ice Cream Day. Bliss Small Batch Creamery is...
First look at former Seahawks LB Bobby Wagner in a Commanders uniform
When future Hall of Fame linebacker Bobby Wagner returned to Seattle after a one-year stint with the Los Angeles Rams, Seahawks fans were likely thankful they’d never have to see Wagner play in another uniform. Unfortunately, that reality did not come to pass. For the second time in three...
“Just because you can’t see symptoms…”: A story from a Long COVID Clinic
As the Primary Care Medical Director for the University of Washington Long COVID Clinic, Dr. Nikki Gentile supports patients and also studies the effects of long COVID, focusing on pain. In this comic strip, she shares some of the challenges facing patients and offers suggestions to help patients manage symptoms.
The Black Crows are coming to Wenatchee. On a Friday!
I love live music. I don't get to see much live music anymore. I used to go almost on a weekly basis. Having to get up as early as I do for the morning show on The Quake 102.1 means. (I don't get to stay up late on a school night.)
JLL Led the Financing Efforts for The Landing at Saddlerock, an 84-unit Property in Wenatchee Washington
JLL Capital Markets announced that it has arranged $16.88 million in acquisition financing for The Landing at Saddlerock, formally Eleven01 at Saddlerock, an 84-unit, garden-style multifamily community in Wenatchee, Washington. JLL worked on behalf of the borrower, Graystoke Capital Partners, to originate the seven-year, fixed-rate, FTIO, near-stabilization Fannie Mae loan....
$200,000 Investment in Seattle NHRA Race Might Be Just Tip of Iceberg
Pacific Raceways owner/president Jason Fiorito exploring ways the facility’s Pacific Innovation Center could become hub for racing technology of future. Racing under the lights Friday night at Pacific Raceways near Seattle is more than just a fan-favorite move—it represents next-level cooperation with the NHRA. A visit to last...
Logan Gilbert Got an Awesome Gift From One of His Teammates For Making All-Star Team
Though Logan Gilbert couldn't pitch for the American League in Tuesday's Major League Baseball All-Star Game, he still was present in Arlington. And he showed up on the red carpet rocking a great gift from teammate Luis Castillo.
SF Giants Trade Proposal: Conforto and Doval for Young Prospects with Mariners
The SF Giants are considering selling at the trade deadline, with a proposed trade sending Michael Conforto and Camilo Doval to the Seattle Mariners for young prospects. Michael Conforto has 10 home runs and 39 RBI this season. Tai Peete is ranked as the 8th best prospect in the Seattle...
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