Tag Archives: office vacancies

Office vacancies lowest in Silverdale, highest in Bremerton

Office building vacancies declined over the past year in most of Kitsap County, according to a market report provided by Bradley Scott, Inc. in Bremerton.

Bradley Scott surveyed 294 office buildings totaling 3.78 million square feet to create its February report, one of two studies it compiles each year.

CvrStry_B_2311pg4_lightboxAbout 14.2 percent of office space in the county was vacant in February, compared to 15 percent in February 2014 (see charts below).

The report noted overall vacancies were up slightly from July of 2014, but the increase was almost entirely due to new construction.

Countywide, vacancy rates have been declining since 2012.

Bainbridge Island saw a 4.43 percent decline it its vacancy rate from February 2014 to February 2015, ending at 9.96 percent. The island remains the county’s most active office market, benefitting from its close proximity to Seattle.

Bremerton boasts the largest inventory of office space in the county and the highest vacancy rate. More than 19 percent of Bremerton office space was vacant in February.

Port Orchard, the county’s smallest office market, saw its vacancy rate decline from 15.54 percent in February 2014 to 12.89 percent in February 2015.

Poulsbo was the only market that experienced an office vacancy increase over the past year. Poulsbo’s vacancy rate jumped from 12.93 percent in February 2014 to 14.69 percent in February 2015. The increase was largely due to one major tenant downsizing, according to the report.

Silverdale, the county’s second largest office market, enjoys the lowest vacancy rate at about 8 percent. Though still lower than a year ago, vacancies in Silverdale actually crept up in the past six months as new space came on the market.

Here’s a graphical look at office vacancy rates around the county: