Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

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Nov 7 9:30 AM EST

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To: Road Walker who wrote (1069)	8/10/2010 1:20:57 PM
From: tejek	of 1428

Here are two examples of what I meant. What's interesting both developers are talking about building new office towers in downtown Seattle which I find surprising. When WAMU folded, they released over a million sq ft of space on the downtown market. I know Safeco, a major office user, moved its headquarters into downtown in the last six months but I find it hard to believe that vacancies have been reduced enough to warrant new buildings. At one point last year, I read office vacancies downtown had risen to 16%. I doubt the vacancy rate is much lower now. Its interesting to note that on at least one development financing won't be coming from a bank. Not a good sign. Selig now proposes office building next to sculpture park seattletimes.nwsource.com Developer Touchstone talks about new plans for downtown Bellevue Superblock hotel-online.com

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