The Return to In-Person Work Driving Tenant Demand Q3 2024

During the third quarter, tenant demand remained relatively strong for large tech tenants in the Bellevue CBD. However, despite the tenant activity, supply in the Eastside office market is significantly outstripping demand. The result is a favorable tenant office market that is likely to remain in place for the next 24 months.

The recent announcement by Amazon to require ALL employees to be in the office at assigned desks five days a week beginning in January 2025 could shorten this 24-month period as other tech tenants follow suit.