Idea Center

Putting Out the Vacancy Sign

Rather than the usual campaigns municipalities run to lure new residents or attract industries, Federal Way, Wash., is running an economic-development campaign to fill its 500,000...
by | September 14, 2008
 

Rather than the usual campaigns municipalities run to lure new residents or attract industries, Federal Way, Wash., is running an economic-development campaign to fill its 500,000 square feet of empty office space. Nestled between Seattle and Tacoma, Federal Way has one of the highest vacancy rates in the Puget Sound region, one that tops 20 percent and is about double the regional average. Since empty offices mean fewer workers generating fewer tax dollars, the city has partnered with the local chamber of commerce and with commercial real-estate professionals to launch Federal Way: For Businesses on the Move. The campaign will include direct mail, ads and a short video in addition to other services, such as city tours and a resource center with an up-to-date database of available office buildings. Officials are targeting companies that are looking for affordable rents, modern office buildings in wooded-campus settings, favorable tax rates and a readily available workforce. Federal Way is home to more than 55,000 working-age residents, one-third of whom work outside the city.

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