With a number of positive headlines the past few months (Amazon increasing its footprint, REI selling to Facebook, etc.), and from a national and even regional perspective still healthy sublease numbers, one couldn’t be blamed for believing the Eastside might escape COVID-19 unscathed. The past two months have quickly changed the narrative, however, bringing with them over 300K SF of sublease space and shooting the Eastside into uncharted territory. A new 15-year high has been set in terms of total sublease space available, surpassing 1M SF for the first time in our records and moving past the previous recession’s high of 975K SF. The Bellevue CBD (150K SF) and Redmond (159K SF) have accounted for almost 100% of the over 300K SF that’s come onto the Eastside market in the past two months, fueled by 113K SF at AT&T 1 and 55K SF at Skyline tower. With the other smaller submarkets on the Eastside clinging to their previous SF totals, Amazon on the horizon, and eyes wandering eastward from Seattle, the long-term outlook for the Eastside remains positive. The Eastside has received it’s first pandemic black-eye, however, and the short-term might have a few more punches on the horizon.
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.