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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 />