Broderick Group recently published their Eastside Office Market Report for Q1 2024. Included within the report are tech updates and significant lease transactions. One part detailing Meta’s real estate in the Spring District.
During the first quarter, Meta took possession if its sixth and final building, Block 13, at The Spring District. This makes Meta’s total footprint in the Bellevue neighborhood 1.8 million square feet.
Meta is occupying approximately 50% of the space with Block 6 formally on the sublease market and pending to Snowflake. Snowflake is an American cloud computing-based data company, offering a cloud-based data storage and analytics service. It is based in Bozeman, Montana. After being founded in 2012, it was publicly launched in October 2014.
Snowflake currently has has office space in the 929 Office Tower in downtown Bellevue.
According to the report, there have been no official announcements on Meta’s other leased projects at The Spring District consisting of Block 5, which is 330,000 square feet, and Block 13, which is 213,000 square feet.
Meta recently announced that they are implementing a “three day per week in-office” policy and The Spring District campus has been experiencing more foot traffic ever since.
The social media company is also subleasing its office space in downtown Bellevue, which was announced in April 2023. The company decided to downsize its operations in the area due to the changes in nature of work brought on by the pandemic. Meta is subleasing up to 82,000 square feet of office space in the heart of Bellevue. At the time, the available space in downtown Bellevue was located at Bellevue’s Skyline Tower and Key Center. Each tower had two open floors.
As noted by Broderick Group, since hitting a low of 5.7% in 2019, Eastside vacancy rates have increased to 18.2%. In Bellevue’s Central Business District, vacancies have risen over 300% from 3.3% in 2019 to 11%. At the moment, approximately 25.4% of the Bellevue CBD is marketed as available.
