10/02/2024
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…
Read More Download PDF07/02/2024
Since the start of 2024, tenant demand has remained relatively strong, but hyper-focused on best-in-class, well-located, amenitized assets. Some, but not enough, of that demand is beginning to trickle out to the suburban markets demonstrated by an undisclosed tenant leasing 26,000 SF at Kirkland Ascent and Verizon subleasing 33,000 SF of T-Mobile space along the I-90 Corridor.
Read More Download PDF04/02/2024
Q1 2024 posted major negative absorption for the entire Seattle market consistent with prior quarters. This large negative absorption observed in the quarter was primarily the result of two new large office buildings delivering 100% vacant – Washington 1000 (531K SF in the CBD) and Northlake Commons (158K SF in South Lake Union). However, we were encouraged to see Class…
Read More Download PDF04/02/2024
2024 welcomed tenant demand exceeding the historical norm for much of the first quarter. That demand so far is hyper-focused on best-in-class, well-located, amenitized assets. Trophy buildings have so far sidestepped the deep slump the region is experiencing in commercial office space. Whereas older buildings or those outside of the Bellevue central business district are bearing the brunt of the…
Read More Download PDF01/12/2024
Consistent with prior years, the Seattle office market continues to realize negative setbacks from the shift to remote work, especially from the region’s larger users. Survey data and ongoing interactions with tenants have shown that hybrid work is here to stay and will remain the new normal for office workers. That said, many companies have been aggressively shifting away from…
Read More Download PDF01/03/2024
Positive momentum and optimism are growing as we turn to 2024. After a painfully sluggish start to the year, tenant demand has reemerged and there are approximately 1M SF of leases pending. Is a soft landing in store? That may be the case for downtown Bellevue. Nearly all of the pending leases are concentrated in the Bellevue CBD, which by…
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