USA Property

Office Condos Becoming Popular in Seattle

Office space that is sold, not leased, is becoming a popular investment in Seattle, according to a recent article in the city newspaper, the Seattle Post-Intelligencer. Office condos have a number of benefits; they allow owners to build equity and appreciate in value, offer tax benefits, and eliminate negotiations over leases and services.

As an example of a condo office, real estate firm Wright Devco noted that it has a 12-unit building, Ship Canal Office Center. It is currently 15% sold with 10% under negation, with the going rate of $400 per square foot. Financing for such space is widely available from most banks.

Another new entry into the office condo market is Salmon Bay Landing, a set of three story buildings near Fisherman’s Terminal in Ballard. One of the buildings is currently under construction and is due for completion this fall. Spaces available range from 2,500 square feet to 10,000 square feet, and are selling from $400-$500 per square foot.

Another building planned for office condos is the Terminal Sales Building in Seattle’s central business district and has 82,000 square feet of usable space. It is being converted to office condos and is 45% sold already.

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Tags: Office real estate, Seattle, Seattle offices, Seattle Property, Seattle Real Estate, United States, US property, US Real Estate, Washington State