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MARKET OPPORTUNITY The outlook for retail is positive particularly for neighborhood and convenience retail. Such tenants are often found in mixed-use buildings. Prevailing rental rates are low compared to the region as a whole, and will be a factor in the overall feasibility of mixed- use development. The geographic areas identified as opportunities for residential development, also have established retail concentrations (other than the R-2 areas that are beyond walking distance of most of the nodes along transportation corridors), and are suitable sites for retail in a mixed use building. OFFICE MARKET OPPORTUNITIES Office is also a potential use within a mixed-use project. The typical office uses are local-serving businesses with on-site interaction with the public on the ground floor, and/or general office uses on one or more upper floors. OFFICE EMPLOYMENT TRENDS Office employment is a subset of total jobs. Trends in employment in Everett in total employment and office-using employment are summarized in Figure 5. Data at the City level are provided by Puget Sound Regional Council and include all covered employment (excludes officers and self-employed). The office-using sectors are assumed to include: Information Finance and Insurance Real Estate Rental/Leasing Professional, Scientific&Technical Management of Companies and Enterprises Administrative and Support and Waste Management Health Care and Social Assistance While total employment has behaved in a cyclical fashion, office-using employment has been stable or increasing. MARKET STATISTICS Office market conditions in the region are generally shown to be improving by most market reports. Table 11 provides a snapshot of market conditions for Second Quarter 2011 as compiled by Cushman and Wakefield. EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT PROPERTY COUNSELORS PAGE 30