Bellevue Commercial Real Estate
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Bellevue Office and Commercial Space Overview
Scenic, bustling, and within easy reach of more competitive (and expensive) Seattle, Bellevue, Washington has emerged as a major economic factor for businesses looking to expand to the viable Puget Sound business community without the overhead that comes with the Emerald City.
Home to 1,300 businesses and employing over 45,000 people, the downtown area of Bellevue is the second largest business center in the state and ranked #1 as the best place to both live and start a business. With nearby corporate headquarters of Microsoft, Amazon, and multiple other major tech companies populating the Puget Sound region, business owners can expect a very deep, well-qualified talent pool and high market rates for commercial real estate no matter where you set down roots. At a median rate of $40 per square feet/year, Bellevue is a competitive alternative to nearby Seattle, but the city’s more relaxed tax policies may be a major determining factor for companies considering a move to the Pacific Northwest.
Economy of Bellevue
The Seattle/Tacoma/Bellevue region boasts the nation’s 4th strongest metropolitan economy, thanks in large part to the presence of high-tech, aerospace, and financial services in the area. Nearby Redmond hosts the corporate headquarters of Microsoft and Nintendo of America, while Seattle houses Amazon, Starbucks, and Nordstrom. Retailer Costco resides in Kirkland; Boeing retains a heavy presence in the region, despite having moved its headquarters to Chicago in 2001.
Bellevue proper is no economic slouch. The city is home to T-Mobile, Expedia, and acclaimed video game developers Valve and Bungie. Bellevue’s close proximity to Seattle, Tacoma, Redmond, and Kirkland make it a viable option for commuters and emphasizes the region’s interdepence on transportation and employment. Its median household income exceeds that of nearby Seattle, posting above $100,000 per year.
Trends of Bellevue
Bellevue housing prices have nearly doubled in the last five years, spurred by a surging local economy and the onset of high-paying tech industry jobs as more and more people continue to flood to the Puget Sound region. While companies have taken a great interest in Seattle, Bellevue’s growth as a business and commerce leader has only accelerated over the last few years. Vulcan Real Estate recently announced a 1 million square-foot expansion into downtown Bellevue, Expedia will remain in Bellevue for the immediate future, and the 25+ downtown real estate development projects demonstrate a continued confidence in the city as a major economic leader in the region.
Bellevue has 818 commercial real estate spaces for lease, representing 5,960,878 sqft space.
45 buildings are available for sale.
In the past 30 days, Bellevue has had 509 spaces leased.