07/07/2025
Downtown Bellevue’s vacancy challenges persist, but steady tours show tenant interest is still alive. Across the Eastside, demand is strongest for turnkey, updated spaces, signaling a slow but promising shift toward growth. Suburban markets are picking up, especially along I-90 and in Bothell, where tenant demand is the highest in years. Smaller, move-in-ready spaces are leading the way as confidence…
Read More Download PDF04/01/2025
The Eastside office market entered 2025 with a slower pace as large tenant demand softened and leasing activity cooled, particularly in Downtown Bellevue, which continues to face sizable vacancies. However, key lease renewals from Amazon (via WeWork), Salesforce, and eBay reflect a growing return-to-office trend and renewed corporate commitment to the market. Amazon’s five-day office return policy has boosted foot…
Read More Download PDF01/03/2025
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…
Read More Download PDF10/02/2024
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…
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