Seattle

601 Union Street
Suite 5300
Seattle, WA 98101
USA
Main + 1 206 223 0866
Fax + 1 206 223 1427

Bill Condon
Executive Vice President & Managing Director
+1 206 624 7400
bill.condon@colliers.com

Bellevue Downtown Office Market Q1 2016

Key takeaways from this report include:

  • Maintaining market equilibrium will require 29 more leases equivalent to Salesforce’s recently signed 85,000 SF lease at 929 Office Tower.
  • Vacancy stands at 12.1% as of Q4 2015, a 50% increase from Q4 2014, and another 1.1 million SF of Class A product is scheduled for delivery.
  • The technology sector, in its many forms—video game developers, software companies, social media, IT support, online retailers—account for nearly 70 percent of downtown Bellevue’s current tenant mix and approximately 65 percent of all users actively looking for office space in Bellevue’s downtown core.
  • Microsoft alone accounts for 20 percent of the total CBD occupancy as of Q4 2015.
  • Based on a neutral forecast, the vacancy rate will likely hit 20% by 2018.

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Seattle
601 Union Street, Suite 5300 Seattle, WA 98101 United States | Tel: +1 206 223 0866