Think full floor availabilities are limited in the Seattle CBD? Take a look at the Bellevue CBD
The Bellevue CBD has seen a significant interest from growing tech companies, coworking and the gaming industry in the past few years.
- The Bellevue CBD has seen a significant interest from growing tech companies, coworking and the gaming industry in the past few years. Given strong demand and a lack of available large block of space, both existing and prospective tenants are having difficulty finding quality space. Clearly, the current market conditions require companies to be creative in finding ways to meet their real estate needs.
- Over the last two years, the number of available full floors in the Bellevue CBD dropped from 27 to 7. As of Q3 2018, Bellevue CBD vacancy stands at 7.5 percent with asking rents averaging $46.40 per square foot, full-service gross. At recently completed office towers, including Lincoln Square South Tower, Centre 425 and 929 Office Tower, full floor availabilities have leased quickly. It’s apparent that companies on the Eastside prefer quality spaces in the CBD with surrounding amenities where they can attract and retain talents.
- Development activity is likely to ramp up as several office projects have been proposed in response to the Eastside’s low vacancy and strong demand. With that said, none of these projects would be available before 2021. Competition for space in these projects will likely be strong as full floor availabilities remain slim on the Eastside.
Source: JLL Research