Since fall, the economic dominos have toppled throughout the region, spiking unemployment, decreasing population growth and leaving a number of industries hurting.
The local commercial office market has a vacancy rate hovering just above 20 percent with declining lease rates, so the lack of major projects on the horizon is no surprise.
But what there is, is a lot of optimism to be gleaned from the developments that are pushing forward, especially Fisher Investments' project in west Camas.
The California-based investment management company began looking at Camas during the downturn, and it has continued to move forward, said Phil Bourquin, community development director for the city of Camas.
It may seem odd that a well-established financial investment firm would construct new office space in a stagnant market, but the company pursued its new Camas project for reasons other than market viability.
On its site, just east of 192nd Avenue on the south side of Southeast 20th Street, the company has plans to erect a pair of four-story buildings, each housing 150,000 square feet of office space.
This proposed project is in the early stages of planning, but will move dirt for ground preparations throughout the summer with the anticipation of going vertical in about a year, depending on permit approval, said Ken Fisher, CEO and CIO of Fisher Investments.
"We may be overly presumptuous, but our firm – over the years – has grown quite a lot," he said. "So if we don't move headquarters there, we do envision it becoming a major satellite."
Camas presents a near ideal business environment, which is why the company could possibly relocate its headquarters to this development, Fisher said. He noted Camas' advantages of having a no state income tax, a second-tier sized city nearby, safer neighborhoods, superior schools and cheaper property than California.
"We're trying to get as many of our people as possible out of California," Fisher said. "The Bay Area in particular is terribly employee-hostile … just brutal for those trying to create a family."
The city of Camas worked hard to forge the relationship.
"I think it's a fantastic project," said Mayor Paul Dennis. "We spent a fair amount of 18 months and a lot of work courting Fisher Investments, trying to get that project." Fisher Investments is a growing, reputable company with a 200-employee satellite office already located in east Vancouver.
Collectively, the company manages about $30 billion in stocks and bonds for clients that include Fortune 500 companies, foundations, endowments and thousands of high net worth investors.
"They're pretty well known around the U.S., which could help to bring Camas to the forefront in trying to attract other companies to the area," Dennis said. "All of a sudden, you might see a viable labor force within that industry and start attracting like companies that want to make use of that labor force."
The work of Dennis and his staff to showcase Camas' parks, schools, safety and education won the city more than just a glance. Their willingness to accommodate with infrastructure and development assistance may be what sealed the deal.
"Paul Dennis and the city of Camas have been very good to us so far," Fisher said. "Paul has a background in planning and development and he understands this stuff better than a lot of mayors in the world do. He's been both supportive of us doing this and very clear in all communication."
Camas resident and business owner Keith Upkes said the number of businesses that have moved to Camas speaks to the livability of the city.
Upkes is a board member of the nearby Parker Estates' Home Owners Association and owner of The Upkes Group (a local financial consulting company), and said he's only heard positive feedback regarding the development.
"I like to see the growth out here," Upkes said. "It's going to bring jobs to the area and most likely increase the value of our real estate in the area."
