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Real Estate Reality Check Downtown Bellevue Office Space
GARY GUENTHER | Office Specialist Senior Vice President
Gary Guenther Partner - Senior Vice PresidentGVA Kidder Mathews500 108th Avenue NE, Suite 2400 l Bellevue, WA 98004T 425.450.1154 l F [email protected] l www.gvakm.com
SUPPLY/LANDLORDS
Bellevue CBD Office Space
• Availability Rates: 14%• Quoted Rental Rates: $37.26/SF• YTD Leasing Activity: 123,273 SF• YTD Leasing Activity 2008: 784,801 SF• Eastside Office Sales Activity: - YTD 2009: $18,000,000 – 7 transactions - YTD 2008: $98,000,000 – 27 transactions
LARGE BLOCKS & SHADOW SPACE
50,000 – 100,000 SF 11 spaces Eastside Office
Market 1 space Bellevue CBD
20,000 – 50,000 SF 53 spaces Eastside Office
Market 14 spaces Bellevue CBD
Shadow Space = Currently leased, but unoccupied or scheduled for give-back
DELAYED PROJECTS
WHO ARE THE TENANTS
BELLEVUE CBD OFFICE TENANTS BY SQUARE FOOTAGE LEASED
TENANTS TRENDS 2009 +
• Renewals Over Relocation
• Flight to Savings
• Contraction – Do More with Less
• Extend & Blend/Reduce & Ride
• Landlord Due Diligence
