SMARTCAP RESEARCH- APRIL 2021 NEWSLETTER
Evergreen Office Park Energy Efficiency Program
The implementation of the SMARTCAP, Inc. MacDonald-Miller Facility Solutions Energy Efficiency Program for both buildings at Evergreen Office Park, which includes LED lighting upgrades as well as HVAC equipment and controls upgrades, is on schedule to be completed May, 2021. This program will improve both tenant comfort and energy efficiency for both buildings.
The project to replace the rooftop units and a complete control system upgrade for Building II is on schedule to be completed in May, and the project to replace the hydronic loop and cooling tower serving the HVAC system in Building I is on schedule to be completed in April. These buildings will be some of the most energy-efficient buildings in the county and will far exceed the updated Washington State Energy codes.
Amazon Expects Most Office Workers to Return to Office This Fall
Amazon, Seattle’s biggest employer, announced that they expect most U.S. corporate office workers to return to the office by early fall. This is especially impactful because by telling its workers that it plans to “return to an office-centric” culture, it signals the future of the company is in-person exchanges. This will also impact the vibrancy of downtown Seattle and Bellevue. Other large Washington state employers, including Zillow and Microsoft, are also embracing a hybrid approach, with Microsoft bringing back some of its workforce back to the Redmond campus earlier this month. The return to office is also great news for small businesses. With many working from home for the last year, small businesses have suffered but with employers back in the office, restaurants, gyms, and other establishments can look forward to increased business. During the pandemic, Amazon leased several new offices across the country, including Bellevue, where they expect to employ 25,000 people.
SMARTCAP Property Highlight- Quadrant I5 Buildings
This month we are highlighting one of our properties that is part of SMARTCAP, Inc. Value Fund 1, Quadrant I5 Buildings A & B! Located in Everett, WA, Quad A and Quad B have a variety of tenants, ranging from food suppliers to mortgage companies. Despite navigating a difficult year, both buildings have remained 100% occupied with 100% on-time rent collection and no tenants requesting rent relief. This was also the first SMARTCAP, Inc. property to implement the SMARTCAP, Inc. MacDonald-Miller Facility Solutions Energy Efficiency Program, which is now being executed at Evergreen.