The Eastside Sobered by Persistent Remote Work Q3 2022

The brakes have been slammed on the five-year party of relentless Big Tech expansion on the Eastside. During the third quarter, Amazon announced delaying tenant improvements on 2.7M SF of their 3.5M SF currently under construction in downtown Bellevue, leaving the space in shell condition for the immediate future. Headline statistics for the third quarter were rather muted. Rental rates, vacancy and net absorption all treaded water. Despite the volume of sublease space there has not been a single notable default.