Dan Ivanoff, Schnitzer West's managing investment partner, said the Seattle office market won't be oversupplied in the next two years, despite a number of spec buildings coming on line, because jobs, wages and population are still growing.
And still boom, boom, booming February:
Developer Schnitzer West will not build its 750,000-square-foot M5 Commerce Centre office building in downtown Seattle, and has put the property on the market, according to Dan Ivanoff, the firm's managing investment partner.
Ivanoff said the firm's original strategy was to acquire the land, design and permit the project, and then sell it. It had planned to construct the complex at Fifth Avenue and Madison Street only if it landed a substantial prelease, he said, and that hasn't happened.
Image by NBBJ.