Part 2 of 2 - Office Space in Bellingham
This is part 2 of a report on office space in Bellingham. In part one of that article, I wrote about the current market for office space in Bellingham and discussed the different types of office space, their location, and their pricing. Click here to view Part 1 of the story.
as continued from Office Space in Bellingham - Part 1 of 2
STATISTICS:
The Whatcom County Real Estate Research Report is put out by Western Washington University each year. It covers just about every aspect of real estate in Bellingham, but the section we're concerned with here is the commercial supplement. This supplement, populated by a handful of brokers who exclusively lease and sell commercial real estate, breaks the city down into 26 territories. Each territory has the total square footage that has been constructed in that territory and the total vacant square feet within those buildings. This gives a vacancy percentage that we can then compare to other markets or to our historic records. For the purposes of this post, we'll take a look at the office property statistics.
You can look at the report here, but essentially it says that office space in Bellingham is currently experiencing a 9.69% vacancy rate. There is a total of 5,487,732 square feet of office space in Bellingham, and 531,763 square feet of that total is vacant, and currently being marketed for lease.
This report will never be 100% current, but it does provide benchmarks that can be used when comparing different markets, years, or neighborhoods. Take a look and let me know if you have any qeustions.
NOW WHAT?
Want to know more? Want to search available office space in Bellingham? Here a list of sources for you to search for office space in Bellingham for free:
Want to search office space for lease in Bellingham? Click Here.
Want to search office buildings for sale in Bellingham? Click Here.
Want to search office space for lease in Whatcom County? Click Here.
Want to search offices buildings for sale in Whatcom County? Click Here.
Don’t forget the two biggest reasons to use a broker when searching for your next office, retail, or industrial property for sale or lease in Bellingham are:
1. It is free! Most tenant representation brokers work for free. The landlord pays their fee, typically a percentage of the total lease deal once completed. So why not pick the brain of a broker for an hour or two before you begin your search?
2. The best location for your particular use is not always “on the market.” It could be that the perfect spot for your business is currently available, but only the local brokers are made aware. This is not uncommon and using a broker also insures you’ll be the first to know about listings before they hit the websites mentioned above.
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