Notes

Kidder Mathews Q4 2013 Seattle industrial real estate market review covering King, Snohomish, Pierce, and Thurston Counties. Reports regional vacancy at 5.70%, total supply at 308.3 million s.f., and annual absorption of 3.1 million s.f. Covers submarkets including Seattle Close-In (vacancy 3.63%), South King County (vacancy 5.51%), East King County (vacancy 5.65%), Snohomish County (vacancy 7.59%), Pierce County (vacancy 5.71%), and Thurston County (vacancy 9.02%). Notable transactions include Amazon.com Dupont distribution center (980,000 s.f.), Funko LLC south Everett lease (202,500 s.f.), GSA Sumner lease (381,800 s.f.), Whirlpool Distribution Center ($74.3M), FedEx Redmond ($60.6M), and investor activity totaling 153 sales ($565.4 million). Discusses Puget Sound employment growth (2.9%), Boeing 777X, Port of Tacoma container traffic (+19%), Port of Seattle (-16%), and construction activity in Pierce and South King County (2.5 million s.f. underway).

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Meeting Objectives Introduce the primary feedback themes identified by StART members regarding StART’s Operating Procedures and determine areas that may warrant future discussion. 5:00 PM – Welcome Meeting Management Welcome Lead: Andrés Mantilla, Facilitator, Uncommon Bridges; Wendy Reiter, Airport Managing Director, POS 5:15 PM – Dinner: All participants eat. 5:30 PM – StART Operating Procedures
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Meeting Agenda 10:00 a.m. – 10:15 a.m. | Welcome – Evan Nordby, Chair a. Introductions and Agenda Reviewb. Status of appointments and non-voting member invitationsc. Other updates as necessary 10:15 a.m. – 11:00 a.m. | Is it practical and legal to operate the western Washington [Puget Sound] airports as a single airport system? – Consultant
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As the source for federal transportation grants, the Puget Sound Regional Council was charged with developing a system to meet the growing need for commercial aviation. When the search for a second airport failed, they authorized the Port of Seattle to build the Third Runway, with a mandate to develop a noise abatement and mitigation program. In their effort to stop the Third Runway, the ACC argued over every detail of the Port's efforts--including property buyouts and sound insulation. The dispute was meant to be settled by a three member Expert Arbitration Panel. This is their final report. It finds 2-1, that the Port's program was insufficient in several respects. Despite that, funding for the Third Runway was approved by the PSRC, and the 'Port Package' program, proceeded largely unchanged. Expert Arbitration Panel's final decision finding that the Port of Seattle had not shown sufficient reduction in real on-the-ground noise impacts to satisfy noise reduction conditions required for approval of a third runway at Sea-Tac International Airport. The majority decision concluded the Port's noise abatement programs were insufficient despite being impressive in scope.

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