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Looking ahead to Bellevue 2020: Will mass transit encourage centralized office growth?

  • ​This chart acts as a companion piece to last week’s “Looking ahead to Seattle 2020: How will employment change with new office development?”. Similar to the previous map, we overlayed major development sites on a map of forecasted employment in Bellevue from 2015 to 2020. Grey areas show a forecasted loss in employment. Significant employment gains are highlighted with a deep blue.
  • There are fewer major office developments in Bellevue, which is characterized with more suburban , small office development. Major office development is generally localized to the Bellevue CBD.
  • Office rents for Class A  buildings are converging between Seattle and Bellevue. Both are currently at roughly $44 p.s.f. This convergence suggests that firms on the eastside are demanding quality urban office space.
  • Bellevue has a high demand for tech workers. With the development of light rail connecting Seattle to Bellevue, will we see new, large scale office development in Bellevue to house a new source of otherwise inaccessible talent?​

Source: JLL Research, Economic Innovation Group, Puget Sound Regional Council​

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