Seattle
Total Stock (million sq. ft.)
269.5
Vacancy Rate
3.9%
Availability Rate
5.3%
NNN Lease Rate
$9.53
Net Absorption (million sq. ft.)
269.5
Vacancy Rate
3.9%
Availability Rate
5.3%
NNN Lease Rate
$9.53
Net Absorption (million sq. ft.)
1.3
Metro Area Population
3.9 million
Unemployment Rate
3.9%
Annual Salary - Warehouse
$34,278
% of Pop - Secondary Education
48.0%
% of Pop - Tertiary Education
52.0%
3.9 million
Unemployment Rate
3.9%
Annual Salary - Warehouse
$34,278
% of Pop - Secondary Education
48.0%
% of Pop - Tertiary Education
52.0%
Airport
SeaTac International Airport
Total Cargo (millions of U.S. tons)
0.37
Seaport
Northwest Seaport Alliance (combined Ports of Seattle and Tacoma)
TEU Volume - 2017 (millions)
3.73
Major Highways
I-5 and I-90
Number of Intermodal Rail Hubs
4
Number of Class I Rail Lines
2
What is the term of a typical lease?
5 years
How is the rent quoted?
NNN monthly
What is the tenant's option for termination or break?
Very rare
Does the tenant have the option to renew? What is the length of the typical option?
Yes, typically the same amount of term as the original lease, with 9-12 months notice.
How is the rent determined at renewal?
Fair market value, not less than previous term's base rent.
What is the typical rent-free period, if any?
2 months for a 5-year lease
What is the typical rent escalation?
3%
Does the tenant have the right to sublet?
Yes, with the landlord's written approval.
5 years
How is the rent quoted?
NNN monthly
What is the tenant's option for termination or break?
Very rare
Does the tenant have the option to renew? What is the length of the typical option?
Yes, typically the same amount of term as the original lease, with 9-12 months notice.
How is the rent determined at renewal?
Fair market value, not less than previous term's base rent.
What is the typical rent-free period, if any?
2 months for a 5-year lease
What is the typical rent escalation?
3%
Does the tenant have the right to sublet?
Yes, with the landlord's written approval.
What is the unit of measurement of a typical lease?
Per sq. ft. per month
Does the leasable area include the common area?
No
Per sq. ft. per month
Does the leasable area include the common area?
No
What is the average rent for a warehouse greater than 50K sq. ft.?*
$0.55 - $0.65 per sq. ft. per month
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
$0.65 per sq. ft. per month
Is there a rent review during the lease?
No
What are the average service charges (OPEX)?
$2.40 - $3.60 per sq. ft. per year
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
$1.50 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Tenant
What is the typical security deposit?
Equal to last month's rent and NNN expenses
How is car/truck parking paid?
Included in rent. In parks with excess truck parking, truck/trailer parking is an additional cost. It is typically $150-$175 per space per month.
Any other occupancy costs?
Voice data, garbage removal fees
*Rent for space built out as office is charged on top of shell rent.
$0.55 - $0.65 per sq. ft. per month
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
$0.65 per sq. ft. per month
Is there a rent review during the lease?
No
What are the average service charges (OPEX)?
$2.40 - $3.60 per sq. ft. per year
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
$1.50 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Tenant
What is the typical security deposit?
Equal to last month's rent and NNN expenses
How is car/truck parking paid?
Included in rent. In parks with excess truck parking, truck/trailer parking is an additional cost. It is typically $150-$175 per space per month.
Any other occupancy costs?
Voice data, garbage removal fees
*Rent for space built out as office is charged on top of shell rent.
What are typical agency fees? Who pays them?
7.5% of net aggregate rent over years 1-5, paid by the landlord
Who is responsible for legal fees?
Each party is responsible for their own legal fees.
Any other transaction costs?
N/A
7.5% of net aggregate rent over years 1-5, paid by the landlord
Who is responsible for legal fees?
Each party is responsible for their own legal fees.
Any other transaction costs?
N/A
What is the typical land tenure?
Fee simple
What is the terminology of the purchase agreement?
Purchase & Sale Agreement
What is the average cost?
$150-$200 per sq. ft.
What is the agency fee and who pays?
3%-6% by seller
What is the typical LTV?
65%-80%
What is the average borrowing rate?
4%-5%
What is the mode of payment?
Upon closing through escrow
What are the average transaction (closing) costs?
1.78% transfer fee, attorney and customary escrow fees.
Fee simple
What is the terminology of the purchase agreement?
Purchase & Sale Agreement
What is the average cost?
$150-$200 per sq. ft.
What is the agency fee and who pays?
3%-6% by seller
What is the typical LTV?
65%-80%
What is the average borrowing rate?
4%-5%
What is the mode of payment?
Upon closing through escrow
What are the average transaction (closing) costs?
1.78% transfer fee, attorney and customary escrow fees.
What is the average clear ceiling height?
24' - 30'
Average number of dock doors?
1 / 10,000 sq. ft.
Typical column spacing?
50' x 50'
Average parking ratio?
0.90 / 1,000 sq. ft.
Sprinkler system?
Mix of standard wet and ESFR
What is the typical power supply?
200 - 2,000 amps, 277/480 volt, 3 phase
24' - 30'
Average number of dock doors?
1 / 10,000 sq. ft.
Typical column spacing?
50' x 50'
Average parking ratio?
0.90 / 1,000 sq. ft.
Sprinkler system?
Mix of standard wet and ESFR
What is the typical power supply?
200 - 2,000 amps, 277/480 volt, 3 phase
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