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Q3 2022 Eastside Office Report

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The Eastside experienced a significant reduction in leasing activity this quarter. Aside from Meta’s 200,000 square foot lease at the Park at Willow Ridge, the largest new lease signed was 61,500 square feet. While relatively low when compared to Seattle, the Eastside’s overall vacancy increased to 10.5%, up from 9.4%. Sublease availabilities composed a large chunk of this space, increasing from 3.1% to 4.1% of the market. While asking rents continued to increase elsewhere, Class A asking rents declined slightly in Bellevue CBD as landlords are feeling stiff competition from sublease space being introduced to the market, offering reduced rates and more flexible terms. 

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Q3 2022 Eastside Office Report

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Jacob Pavlik

Research Manager

Seattle

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.

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