Kore US Reit completes full-floor spec-suite development at Washington property
Half of the six suites have been pre-leased, and there is ‘strong’ interest in the others, says manager
Kore US Reit, a real estate investment trust, has finished constructing a six-suite spec-suite development at The Plaza Buildings in Bellevue, Washington. The Post, where this development is located, features 15,400 square feet of space across six studio suites and an amenity hub with collaborative workspaces and shared tenant amenities.
Half of the six suites were leased prior to completion, with strong interest expressed in the remaining units. The development is designed for small and mid-sized occupiers who require flexibility and expedited occupancy. Spec suites, according to the manager, can minimize tenant fit-out requirements, reduce vacancy periods, and accelerate lease-up, leading to better occupancy and rental outcomes.
These benefits also help the REIT reduce capital expenditures associated with tenant turnover. The manager noted that Kore US Reit's previous full-floor spec-suite developments, such as The Greenhouse, Ventuno, and Iron Point, all achieved full lease-up after delivery. The REIT's shares ended at US$0.15 per unit on Tuesday, down 1.3 percent from the previous close.
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