The Biz Buzz

The News Tribune Business Team will keep you updated on what's happening in the South Sound and beyond. Check here for news about economic development, aerospace, shopping and much more.

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Contributors

Marce Edwards is the business editor. She has been at The News Tribune for seven years and has written about technology and big businesses in the South Sound including Weyerhaeuser and Russell. Before moving to Tacoma, she worked at The Idaho Statesman in Boise. She is a Northwest native who likes to garden and refuses to use an umbrella. She lives in Tacoma with her husband and two kids.

C.R. Roberts is a Tacoma native. Before joining The News Tribune, he worked as a freelance writer and part-time cowhand on a cattle ranch in Northern Idaho. He writes about small business, personal finance and other business issues.

John Gillie writes about the aerospace and airline industries, commercial development and consumer issues. During his 30-year-tenure at The News Tribune he has covered issues as diverse as the Native American fishing rights disputes, crime and the courts, the wood products industry and energy. He lived in Tacoma with his family for 25 years, but now lives in Kent because his wife heads a five-state non-profit foundation headquartered in Ballard, and it only seemed a sensible compromise to make considering their workplaces are 40 miles apart.

Kelly Kearsley has been a business reporter at The News Tribune since 2005. She covers the Port of Tacoma and international trade. Being born and raised in Spokane she’s used to living in cities with inferiority complexes and, in fact, prefers it. Prior to working at The News Tribune, she spent three years as a reporter for The Bulletin in Bend, Oregon and another year working stints for The Associated Press and Seattle Times. She graduated from Pacific Lutheran University. She lives in Tacoma with her husband and miniature schnauzer.

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Get the most up-to-date news, insights and analysis of Tacoma, Pierce County and South Puget Sound business.
Tuesday, December 30th, 2008
Posted by C.R. Roberts @ 02:37:54 pm

Say what you will about the local economy - but the sky continues not to fall on office leases and rents.

Colliers International is out today with its 4th Quarter numbers for the Puget Sound region, and Pierce County landlords are not doing as bad as, for instance, the retail industry. Actually, they're doing relatively well.

According to Colliers, Pierce County absorbed 58,200 square feet during the quarter, thus posting a positive absorption number. Vacancy rates “fell as a result of many small office spaces being leased, specifically in Fife, South Tacoma and the central business district of Tacoma.”

The submarket in Fife “saw the most move-ins absorbing 27,000 square feet concentrated in three Class A office buildings: Port Business Center, Trans-Pacific Trade Center and the Fife Business Center.”

In Gig Harbor, the Mallards Point Building Two “was delivered 40 percent absorbed.”

Overall, the total vacancy rate for Pierce County office space stands at 8.43 percent, Colliers said. The rate one quarter ago was 8.62 percent, and a year ago was 7.23 percent.

The vacancy rate in Seattle is currently 9.59 percent, up from 9.19 percent a quarter ago and 8.37 percent a year ago.

In South King County, the vacancy rate is 20 percent, up from 18.7 percent in the third quarter and and 18.4 percent a year ago. In Federal Way, specifically, the current vacancy rate is 30.14 percent for Class A, B and C properties combined, with Class B properties seeing a 40.59 percent vacancy rate.

Concerning specific areas of Pierce County, Colliers reports:

• The vacancy rate for Class A properties in Tacoma’s CBD stand at 1.13 percent; for Class B, 9.86 percent; for Class C, 14.96 percent.
• In Puyallup and Sumner, Class A vacancies are at 7.97 percent; Class B at 18 percent, and Class C (only 45,000 square feet) fully occupied.
• In Lakewood, Class A vacancies stand at 6.88 percent; Class B at 8.06 percent; and Class C at 16.66 percent.
• In Gig Harbor, Class A vacancies are at 13.34 percent; Class B at 20.23 percent; and Class C at 8.91 percent.

In total, Pierce County currently offers 3.098 million square feet of Class A space; 4.576 million square feet of Class B space; and 1.153 million square feet of Class C space.

Posted by C.R. Roberts @ 01:54:24 pm

If you were out of work for a week or more because of the recent bad weather, you may be eligible for unemployment compensation.

In a decision released today, the state Employment Security Department said workers whose workplaces were closed for more than a week may apply for a check.

If you didn't work because you couldn't get to work, what with the bad roads, then you are not eligible. This only applies if your employer's doors were closed - and closed for more than a workweek.

If you believe a check is due, contact ESD by calling 800-318-6022. Because this is a backdated claim, the department's online application system will not process your request.

The press release today advises that it is best to call on Wednesdays and Thursdays, although state offices will be closed on Jan. 1.

Categories: Employment/Workplace
Posted by Kathleen Cooper @ 12:21:05 pm

A story I wrote for Tuesday's Business section, on the use of federal money for state and local governments to buy foreclosed properties, generated a few phone calls this morning on how people on the brink of foreclosure can get help.

The federal program I wrote about in my story isn't intended for individuals, and I can understand the frustration of people who need help. To that end, I found this great tip sheet from my colleague Rob Carson, who wrote a story on foreclosures recently.

WHAT TO DO IF YOU'RE IN TROUBLE WITH YOUR MORTGAGE

Helpful advice from Teresa Seeley, housing coordinator and counselor at the nonprofit agency Consumer Counseling Northwest in University Place (www.ccnw.org, 253-588-1858).

• Swallow your pride. Don't be afraid to ask for help. There's help out there for people who look.

• Make sure you know what kind of loan you have. If you haven't read your loan agreement, do it.

• Look for help as soon as you think you might have to miss a payment. Call your lender. Sooner is always better than later. Don't wait until you miss a payment.

=> Read more!

Posted by Kathleen Cooper @ 12:12:28 pm

Ehli Turners Auctions, at 1222 46th Ave. E in Fife, is closing its doors.

Owner Walter Woodward said recently that a combination of factors led to the decision, including a family illness and the tanking economy.

Woodward also said that he and his wife, Heidi, who co-own the business, believe some of the company's funds were embezzled and that they've asked Fife Police to investigate.

A Fife police spokesman couldn't be reached for comment Monday or Tuesday.

Woodward said the auction house has 41 employees, eight of whom were fulltime. He said the business would close by the end of 2008.

Ehli Turners was one of the state's largest auctions, with more than 40,000 square feet of space.

Categories: General
Posted by Marce Edwards @ 11:18:13 am

Starbucks is adding new tea drinks to its menu on Saturday.

The company said today that its new Full Leaf Tazo Tea Lattes and Tazo Tea Infusions "are a continuation of the company’s commitment to offering better-for-you options."

Most of the tea offerings are less than 200 calories for a 12-ounce tall.

Starbucks also says most of the drinks provide more antioxidants than an 8-ounce glass of orange juice.

Here are the three varieties of tea lattes (descriptions come from Starbucks):

Black Tea Latte, a bold, invigorating combination of black tea and freshly steamed milk.

Vanilla Rooibos Latte, a naturally caffeine-free infusion of botanicals that unites South African rooibos (ROY’-bus), Tahitian vanilla, sweet spices and freshly steamed milk

London Fog Latte, an intriguing blend of black tea, citrusy bergamot, French lavender, vanilla and freshly steamed milk.

Starbucks Tazo Tea Infusions are a combination of Tazo black chai tea lightly steamed with fruit juices, these non-dairy beverages are available in two varieties:

Berry Chai Infusion, a blend of aronia berry and black currant juices steamed with black tea and sweet, exotic spices like cinnamon, cardamom and cloves.


Apple Chai Infusion
, a blend of apple juice steamed with black tea and sweet spices.

The latte drinks will be priced between $2.85 and $3.50 for a tall, depending on the location of the store. The infusions will sell for $2.40 to $2.70 for a tall, according to The Associated Press.

Categories: Restaurants
Posted by C.R. Roberts @ 07:26:00 am

State Insurance Commissioner Mike Kreidler’s office is out this week with a list of tips for consumers in trying times.

“Now is the time for consumers to get smart about their insurance and take advantage of the opportunities to maximize their coverage, minimize their costs and protect themselves financially,” Kreidler said.

For instance:

--- Review your homeowner’s policy. As home prices drop and equity dwindles, it makes sense to review your homeowner’s insurance. To wit:

• Insure your home, not the land. Policies do not provide protection for your land, so make sure the value of the land is not included as part of your coverage amount.

• Make sure you are receiving all the discounts you are entitled to. Discounts are typically given to people who have more than one policy with the same insurer; have security or safety systems, such as smoke detectors, deadbolts and fire alarms; or are 55 or older and retired.

=> Read more!

Categories: General