Seattle-Bellevue: Transit oriented developments surging across the Puget Sound as light rail service expands
The Puget Sound has seen a substantial increase in transit oriented developments, with 12.8 million square feet of office either under construction or proposed adjacent to light rail stops.
February 04, 2020
- The Eastside stands well above Downtown Seattle by volume, with 10.5 million square feet concentrated in Bellevue CBD and Suburban Bellevue.
- The Spring District has proved the viability of a transit-centric approach, as multiple buildings totaling more than 820,000 square feet have preleased in their entirety, signaling a strong local appetite as commuting preferences evolve.
- Since 2010, the Seattle area has seen the largest increase in transit ridership while most other metros have shifted further in favor of driving. For reference, Seattle’s 13 percent increase is nearly three times greater than the next closest metro. Ridership growth will only accelerate as Link Light Rail extensions throughout the Puget Sound more than double rider capacity.
- With the Seattle area’s historic population increases over the past decade expected to continue and commute times rising, proximity to public transit will remain a major focal point for employers as a means of talent retention in an increasingly tight job market.
Source: JLL Research