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EXISTING CONDITIONS <br /> Office Demand <br /> The City-wide office market has improved over the past five years with <br /> declining vacancies and a net absorption of 470,000 square feet. Downtown <br /> Everett currently serves as a regional center from the finance insurance and <br /> real estate sectors. It competes for other regional scale office development <br /> with office concentrations in South Everett, Bothell, Lynnwood, and Mountlake <br /> Terrace. <br /> There are fifteen existing buildings in downtown Everett with over 15,000 <br /> square feet each. Absorption downtown has averaged 16,000 square feet per <br /> year since 1994. Over the next 20 years, downtown should capture a level of <br /> demand ranging from a continuation of historic levels of demand to an <br /> increased capture of City-wide office demand. <br /> • 20,000 to 40,000 square feet per year. <br /> • 400,000 to 800,000 total square feet. <br /> Lodging Demand <br /> Everett and Snohomish County experienced a turnaround in hotel room revenue <br /> in 2004 after steady declines since 2000. <br /> With 3 percent compound annual growth in room-night demand, the City could <br /> support: <br /> • 400 rooms over next 10 years. <br /> • 1,000 rooms over next 20 years. <br /> Much of that development will occur in limited service hotels outside downtown. <br /> Within the next 10 years the demand for a full service hotel will be met by the <br /> reopening of the 247 room Everett Pacific Holiday Inn. A specialty hotel with <br /> 50 to 100 rooms could be supported as part of the downtown entertainment <br /> district. <br /> EVERETT DOWNTOWN PLAN — DRAFT 6/29/2006 21 <br />