It was recently made public that Walmart subleased office space at Bellevue Place. The space in Downtown Bellevue was previously occupied by Smartsheet.
We reported in August 2022 that Smartsheet consolidated their headquarters into once location in Bellevue, moving out of Bellevue Place. Employees are now solely working at the City Center Bellevue tower when they come into the office.
At the time, they confirmed that they would be subletting the space. Walmart announced in early October that they would be occupying the space with their corporate employees.
A representative for the company confirmed that the subleased office space will be occupied by their Walmart Global Technology team.
The subleased office space is about 20,000 square feet. This will accommodate their growing tech team, which now has over 200 employees in the Puget Sound area.
The Broderick Group’s report for Q3 2022 that was recently published predicted that as vacancy rates increase in Bellevue for office space, subleases may become more common. As their report explains, a second wave of subleases has washed across the market, and Downtown Bellevue is on the verge of eclipsing the Q4 2020 pandemic high of 33 full floors available for sublease. High demand has been cooling off since November 2021.
According to a spokesperson for Smartsheet, the decision to sublease their Bellevue Place office space comes as they are assessing plans to reimagine their workspace to better serve employees when they come into the office now that people are working hybrid schedules. That being said, the percentage of Smartsheet employees who live within a commuting radius of their two largest US-based offices has declined.