A Year of Resilience & Strategic Positioning Q4 2024

The Eastside office market in 2024 saw mixed results, with Downtown Bellevue thriving while suburban markets faced high vacancies. Significant leases by Pokémon, HDR, Clark Nuber, and Bytedance highlighted demand for top-tier spaces, while suburban areas offered tenant-friendly terms due to oversupply. Recovery in these markets is expected 18-24 months after Downtown Bellevue stabilizes.

Q4 brought a leasing surge, with Walmart, Zoom, GE, and SNAP driving activity in Bellevue. Tenants preferred modern, move-in-ready spaces to minimize costs. Although demand slowed by year-end, the Eastside remains a top destination for tech tenants. Amazon’s 2025 return-to-office mandate could catalyze market recovery and boost confidence among landlords and tenants.