Downtown Bellevue consists of 48 commercial office buildings totaling over 6.1 million square feet. The current vacancy rate in the submarket is 5.44% on a direct basis, nearly 5 percentage points below what is considered to be a “healthy” market. With so little vacancy there are very few large blocks of vacant space. Four of the largest spaces currently vacant and listed as available are as follows:
One Bellevue Center – 411 108th Ave NE, Suite 300 18,182 square feet, the price per square foot annually is $37.00 on a full service basis.
Symetra Financial Center – 777 108th Ave NE Suite 1700 18,505 square feet, the price per square foot annually is $42.50 on a full service basis.
110 Atrium Place – 110 110th Ave NE, Suite 410 15,864 square feet, the price per square foot annually is $37.00 on a full service basis.
The first three spaces listed are full floor vacancies, and to put the sizes in perspective, 200-250 square feet of space is typically what is leased per person in an office space. For example, the vacancy at One Bellevue Center would accommodate 80 employees if 225 square feet was calculated for every person. With such a low vacancy rate, and all but one of the “under construction” buildings in Downtown Bellevue pre-leased, it will be interesting to see if landlords continue increasing lease rates.
*Full service lease rates include all operating expenses; lease rates quoted on a triple net basis do not.