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Firms Chase Talent, Boosting Demand

Retaining talent is the number one market driver for companies to take new construction space, causing rates and demand to rise in the Seattle and Bellevue metro office markets.

Cavan O'Keefe O’Keefe says the Bellevue CBD is expected to continue to be the tightest market in the region.

SEATTLE—Overall vacancy in Seattle and Bellevue is 8.1% and falling fast, according to Newmark Knight Frank. That number comes with a caveat as NKF doesn’t count space as leased until tenants move, so  the vacancy should be closer to 6% in both markets by early 2019.

Redmond had the most noticeable drop in vacancy in the second quarter, down 410 basis points compared with the prior first quarter, thanks to leases from Microsoft at Redmond Town Center, EOSPACE at Redmond Hilltop and, most substantially, Oculus, which has leased or purchased 681,768 square feet on Willows Road during the past three quarters.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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