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While zoning is very conducive to industrial product, Office and Retail developments are becoming increasingly popular in the Ballard submarket, as commercial owners and tenants seek more affordable rents and prices (no industrial deliveries in 10 years); however, upcoming supply is limited with just 2 commercial assets proposed or under construction.
As office tenants continue to migrate from downtown Seattle in search of more affordable prices and rents, the Ballard/University District submarket has seen strong improvements in rent growth & occupancy for Office and Retail product.