Downtown Spokane Market Overview

Major Development In and Adjacent to Downtown Spokane 2005
Building	Sq/ft
SIRTI Wet Labs	90,000
Railside Center	35,000
WSU Spokane Academic Center	90,000
Freeman Center	60,000
Wells Fargo Center	175,000
Bank of Whitman	55,000
Convention Center	100,000
America West Building	50,000
Legion Building	60,000
TOTAL Building Space	715,000SF
100-block outdoor wi-fi Completed	$200,000
Virtual Possibility Fiber Network Completed	$7.0 Million
Fox Theater Completed	1,650 Seats
Knitting Factory Entertainment Complex Completed	1,500 Seats

"Downtown Spokane named one of
America’s 50 cities that sizzle"
– America’s Restaurant News

 

Office
Approximately 47% of leasable office inventory in the Spokane metropolitan area is Downtown. Of this 2.4 million square feet of space, 52% is Class A, 37% is Class B and 11% is Class C. Fully serviced Class A space rents for $20.28 per square foot in late 2007 and is comparable to rates in suburban office areas. Class A vacancy rate is 13.82% as of Fall 2007 and over all vacancy rate stands at 13.11% as of late 2007. Spokane’s absorption is historically 75,000 to 100,000 square feet of Class A space per year.

Retail
Unique for a city of its size, Downtown Spokane has more than one million square feet of retail space in an attractive urban atmosphere that is unrivaled in the region. Nearly 50% of space is in comparison goods (apparel, general merchandise, home furnishings and appliances and miscellaneous goods.) Another 30% is filled by restaurants and drinking establishments. Specialty and niche retail, food and beverage, and entertainment are increasingly important in the downtown mix.
(Source: The Real Estate Report Spring 2004.)

Residential
Downtown’s estimated housing units total 2,200. From luxury condominiums to cool lofts, townhouses and apartments, there are almost 300 units of Downtown housing currently planned or under construction. Downtown is expected to continue to add 300 units each year for the next 10 years. Note: The 80-acre Summit Site development on the north side of the Spokane River will add an additional 1,000 market rate residential units over the next 10 years.