The Fryelands Commercial/Industrial Park in Monroe has long been home to many businesses.
But what you might not be able to tell from the road is that there is very little space left inside the vibrant working area.
A low vacancy rate and skilled labor pool, combined with a pleasant semi-rural environment and a development friendly city, has proven to be a successful combination when it comes companies choosing Monroe as their home.
“And, it’s just a nice place to live,” said Zach Vall-Spinosa, senior vice president with commercial real estate firm GVA Kidder Mathews.
The large industrial park was established in the early 1990s. Platted lots varied in size from single acre to large 18-acre sites. The lots were moved above the flood plain and water detention was taken off site.
All that is left is one lot, number 23B. It’s only 2.66 acres and sits on Lake Tye, a scenic community attraction adjacent to the business park.
“We have 1.4 million square feet of space in the industrial park, with a vacancy rate of only 1.4 percent,” Vall-Spinosa said.
Although the market at times in Monroe can be slow, the vacancy rate has typically been 5 to 6 percent until recent years. Before, land was being sold at the rate of about five-to-eight acres a year. But, the last few years has seen a huge ramp up, he said.
Sales prices four-to-six years ago were $60 to 75 per square foot for industrial building shells. In the past five years, however, prices have increased to $125 to 140 per square foot with land prices going from $5.50 per square foot, to $9 to $10 per square foot.
Vall-Spinosa says that there are two things going on in the area: Rudeen Development, LLC from Spokane came into the market 10 years ago and purchased land. They also built incubator buildings.
“They are pioneers in the Fryelands area,” Vall-Spinosa said. “People who wanted a nicer image moved here.”
The largest company and the biggest private employer to move into the park is Canyon Creek Cabinet Company. It has a showroom and factory where employees make residential customized cabinetry for all rooms in the home.
The company relocated to the business park from the Maltby/Woodinville area and began operations in their new home the last week of 1997.
“One of the advantages at the time was the land,” said Bill Weaver, CEO of Canyon Creek Cabinet Company. The company has 5.5 acres of vacant land that they bought four or five years ago, providing Canyon Creek Cabinet Company with room to expand.
One of the concerns for businesses in the future, he said, is the lack of industrial land in Monroe.
“I think that’s going to be a challenge in future growth,” Weaver said, but added that he was pleased with how the city and the community have been so supportive and welcoming to his growing cabinet business.
“The city has been excellent to work with. Very helpful and cooperative in putting up a nice business park,” Vall-Spinosa said.
When he looks at future growth opportunities he points out that Panattoni Development Co. built nine smaller buildings of 10,000 to 15,000 square feet in 2006, and sold all of them within six months of completion.
Now Panattoni is beginning construction on two more buildings in the spring, one of 30,000 square feet and the other around 50,000 square feet, but a few blocks further east, next to Valley General Hospital.
It is estimated that approximately 2,500 people are employed in the Fryelands Commercial/Industrial Park.
Rudeen Development has built 10 buildings totaling more than 275,000 square feet. Two more are slated for construction and will provide another 50,000 to 60,000 square feet.
With 17,000 citizens in Monroe, Neil Watkins, executive director of the Monroe Chamber of Commerce, believes the area is the hub for the East Valley.
“It’s an economic rounding of the city,” Watkins said. “Not just retail but it gives us some manufacturing which really rounds the economy off.”
Along with Canyon Creek Cabinet Co., which employs 500 people, Monroe has a host of businesses in the industrial park, many of them supporting businesses such as Boeing.
When it comes to more space in the area Watkins is optimistic. He looks at the growth within the existing environment, and businesses moving to Fryelands Commercial Industrial Park, and sees the need for future land development to keep pace with the city’s growth.
City staff, Watkins said, is looking at other parts of Monroe to see if there are similar areas for industrial zoning.
“It’s something that has been talked about by our City council for the last couple of years,” Watkins said.
The Monroe Chamber of Commerce has 400 business members, and that number is expected to grow.
“We still see new business coming in,” Watkins said. “There is life on the other side of the (Everett) trestle.”
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