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Table 11 <br /> Office Market Conditions <br /> Bellevue and Seattle Markets <br /> Current YTD Average <br /> Inventory Vacancy Leasing Rent <br /> Seattle CBD 41,749,488 18.7% 3,089,465 $27.35 <br /> Seattle In-City 3,366,628 20.8 80,025 21.71 <br /> Seattle Southend/Federal Way 11,147,984 25.5 565,226 19.41 <br /> Northend 3,625,547 20.7 113,097 22.13 <br /> Eastside 22,506,846 15.2 957,377 27.39 <br /> Total 87,446,493 19.1 3,805,190 25,42 <br /> Everett 1,335,655 10.4% 2,358 $20.53 <br /> Source: Cushman and Wakefield,Seattle Office Market Report, 2011, Bellevue <br /> Office Market Report, 2011 <br /> Vacancy rates are high by historical standards, but they are dropping in sub-markets other <br /> than the Northend (Snohomish County). The Northend vacancy rate is 20.7%, slightly <br /> above the rate for the region as a whole. Within the Northend market, Everett has a <br /> significantly lower vacancy at 10.4%. The weighted average rent in Everett is lower than <br /> either the Northend Market or the total region. <br /> Market conditions within Everett and its sub-markets have been derived from data on 228 <br /> office buildings currently for lease, as listed by Officespace.com. The buildings were <br /> sorted geographically and rent and vacancy conditions are summarized in Table 12. It <br /> should be noted that there is overlap among the buildings in Table 10 and 12. Many <br /> buildings are suitable for, and marketed to,both retail and office tenants. <br /> EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT <br /> PROPERTY COUNSELORS PAGE 32 <br />