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Table 12 Everett Office Market Vacancy and Rental Rate Summary Rental Rates Vacant Space Range Median Downtown 234,912 $6 to$23 $14.00 Evergreen Way Nort 31,019 $10 to$20 $12.00 Evergreen Way Sout] 47,194 $13 to$18 $14.00 Everett Mall Area 292,109 $10 to$22 $14.00 Broadway 35,008 $7 to$24 $10.00 19th Ave. SE 50,530 $12 to$20 $18.00 SW 128th St. 59,004 $9 to$20 $12.00 Paine Field 424,462 $10 to$26 $12.00 Total 1,174,238 Source: Officespace.com, Property Counselors As shown, the area with the most vacant space is the Everett Mall area, followed by Downtown. Retail rates are as high as $26 in some buildings, but generally quite low at $10 to $18 per square foot. MARKET OPPORTUNITY General purpose office is not a strong candidate use for a mixed-use residential building, because the amount of upper level floor area is limited, and there are few mutual benefits between residential and office uses. An office user with extensive interaction with the public would be a candidate for ground floor space; such a user would be equivalent to a retail tenant. LAND MARKET CONSIDERATIONS Land values are an important consideration in this study for several reasons: • Changes in land price reflect changes in demand for various land uses. • Land price is often closely related to allowable housing density in residentially- zoned areas. • Land price is an input to any feasibility analysis for proposed development. Asking price data for several existing parcels compiled by Officespace.com are shown in Table 13. Prices by zone are discussed below. R-3. Asking prices varied from $13 to $25 per square foot. The actual prices paid for land in the recent projects in Table 3 varied from $8 to $29 per square foot. The current assessed value of those parcels varies from $12 to $26. EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT PROPERTY COUNSELORS PAGE 33