Downtown Bellevue maintains low multifamily vacancy and limited concessions
- Downtown multifamily rents are nearing $2,600 in both Seattle and Bellevue. Despite the construction of 7,323 new units between 2015 and 2018 in Downtown Seattle, rents have continued to grow on average 6.9 percent over the last three years. Conversely, only 1,971 units have delivered over the same time period in Downtown Bellevue, and rents have grown on average 6.8 percent since 2015.
- Downtown Seattle maintains higher rents per square foot, while Bellevue vacancy remains tighter than downtown Seattle’s. Concessions in Seattle are significant, averaging over $3,200, or up-to 6 weeks free rent. On the other side of the lake, limited new supply has resulted in smaller concessions and minimal vacancy of 3.6 percent.
- Notable company expansions and new developments, such as the Spring District, are stimulating a migration of residents to the Eastside. In the office market, the limited availability of large blocks of space in Downtown Seattle is driving tech and coworking tenants to Bellevue.
Source: JLL Research, YardiMatrix, Bureau of Labor Statistics