The Puget Sound Business Journal asks the question, What city is No. 1? They recently posted an intriguing story about how, “Hot” Bellevue is right now, implying they are No. 1. (not that we didn’t already know this)
Proof the article uses to back its case:
- Neiman Marcus chose to locate its first Northwest store in Bellevue over Seattle.
- Downtown Bellevue has the tightest vacancy rate in the country at 3.8% according to Cushman & Wakefield.
- Bellevue’s average office rent top’s Seattle’s.
- Recent New York Times Sunday article was written about Bellevue.
- 4,000 new residences in the works for Downtown Bellevue (another 4,000 in the works).
- Biggest office lease in Puget Sound area history was 1.3 million-square-foot lease for Microsoft in The Bravern and Advanta office projects.
- Expedia leased 348,000 square feet in Hines’ 333 office tower.
- Civica Office Commons in Downtown Bellevue was the highest price per square foot of any office building sold in the Puget Sound region for two years now, selling for $462, and later for $575.
- Downtown Bellevue’s office space rents for $35.59 per square foot ($2.80 more than Seattle).
- 14 Major commercial real estate projects under construction
- 12 Projects in permitting.
- 4 Projects in the pipeline.