Sublease inventory on the eastside of Lake Washington has yet to approach the peak levels after the dot-com bubble (1.8M SF) but has surpassed the Great Recession’s peak (710K SF), with less than 750K SF on the market, as of mid-August. The largest sublease on the market is AT&T 1 in Redmond, with almost 140K SF. After that, most subleases are significantly smaller and have been on the market for more than three months. A theme across many existing subleases across the region is that COVID-19 was the final factor, not the most important reason a company decided to put their space on the sublease market. Bellevue CBD has the largest percentage of inventory available for sublease, with just over 3%. All other submarkets have less than half that percentage of inventory subleasing, except Suburban Bellevue, which has 2.3%, after a summer addition of 81K SF to the market, combined from Brookside Office Center, Ridgewood Corporate Square, and Bellevue Technology Center.
Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively. At Colliers, he leads a team of researchers to collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.
His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in the Pacific Northwest evolves over time.