Kore US Reit completes second full-floor spec-suite development at The Plaza Buildings with 50% pre-leased
Kore US Reit has completed the second full-floor spec-suite development at The Plaza Buildings in Bellevue, Washington. This development is the fourth full-floor spec-suite development by the real estate investment trust at The Plaza Buildings. The Post, a 15,400 square foot development with six studio suites, comprises an amenity hub with collaborative workspaces, breakout areas, and shared tenant amenities.
The manager stated that half of the suites were leased before completion, and there is "strong leasing interest" in the remaining suites. Spec suites, which offer ready-to-occupy space, can reduce tenant fit-out requirements, shorten vacancy periods, and accelerate lease-up, resulting in stronger occupancy and rental outcomes for the Reit.
The manager added that spec suites also reduce the Reit's long-term capital expenditure associated with tenant turnover. Kore US Reit's previous full-floor spec-suite developments, such as The Greenhouse at 10900 The Plaza Buildings and Ventuno at 1800 West Loop South in Houston, achieved full lease-up after delivery.
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