SEATTLE -- After months of high vacancy rates, there's a slight dip in the vacancy rate when it comes to office space in Seattle and the Eastside area.
Amazon.com is moving in and renting a major chunk of this new building in South Lake Union.
Also, analysts say the new Bill and Melinda Gates Foundation building is a factor in filling up empty office space city-wide.
"This market has been so emotional over the last couple of years people didn't know if the world was coming to an end. Now we're realizing the world is not coming to an end and we're now cautiously all of us as consumers and occupiers re-entering, realizing it's okay. Things are going to be okay. It's going to take a little time," said Dan Dahl with Colliers International.
Like the housing market, commercial real estate also took a big hit.
After the financial meltdown, the office vacancy rate in downtown Seattle nearly doubled.
But according to Colliers International, a global real estate service, Seattle's office vacancy rate dropped from 18.02 percent to 17.57 percent over the summer.
The Eastside all saw a dip from 14.91 percent down to 14.10 percent. Colliers International attributes this dip to technology cell phone and gaming companies moving in.
"I think we really hit the bottom last year and we're trending up from there. It's going to be very slow on the front end but I think in our market place compared to national landscape we're going to recover much more rapidly than anyone else will
Experts say it's a positive sign when businesses move in, that means jobs are being created and sales tax for city's budgets, which helps pay for city services.
Although local analysts say there's still a lot of uncertainty in the market, they don't see the office space real estate getting worse in this tenant's market.
