By: Shawn Parry, vice president, Touchstone Corporation
In 2006, 2009 seemed like the ideal time to bring a new Class A office tower into the Seattle market. But by the time the West 8th Tower received a certificate of occupancy on September 9, 2009, the economy was in the tank, real estate values were down 20 to 40 percent, lease rates were down 30 percent and tenant improvement dollars were up by 100 percent.