Compliments of Jason Smith of Kidder Mathews, attached is a Seattle office real estate market review for Q4 2011. As the report notes, 2011 showed highly stratified results. Class A space saw strong absorption, a high level of investment activity and even some firming of rental rates at the end of the year. The rest of the market was flat at best, although value-added investors showed more interest in the last half of the year, perhaps a harbinger of pending improvement in that end of the market. This split performance mirrors the overall economy. Large companies have recovered nicely while small businesses remain cautious about any expansion. The overall result was regional net absorption at its highest total since 2005, dropping the vacancy rate below 12% for the first time in 30 months. The availability rate decreased even more, ending the year at 14.1%, down from 16.3% a year ago.