The decision by Russell Investments to relocate its headquarters to Seattle has a bright side. For one thing, it ends more than a year of speculation. Numerous important business decisions were on hold, as investors waited to see whether Russell would stay or go before moving ahead on a variety of projects.

Downtown Tacoma has suffered from a lack of Class A office space, the most expensive space most coveted by the best companies. Vacancy rates for this space have been in the single digits in Tacoma in recent years. When Russell clears out of its current headquarters and other buildings downtown where it leased space, it will open up about 200,000 square feet of Class A office space.

Recently, several large firms looking for a considerable amount of space did not locate in Tacoma because we simply did not have the Class A space they needed. Currently the Economic Development Board of Tacoma/Pierce County is working leads on recruiting 20 companies in need of prime office space.

Russell’s move was influenced in part by the prestige factor of being based in Seattle. Now is the time to focus on retaining companies that want to stay in Tacoma and recruiting new ones.