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Real Estate Reality Check Downtown Bellevue Office Space - PowerPoint PPT Presentation


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Real Estate Reality Check Downtown Bellevue Office Space. GARY GUENTHER | Office Specialist Senior Vice President. Gary Guenther Partner - Senior Vice President GVA Kidder Mathews 500 108th Avenue NE, Suite 2400 l Bellevue, WA 98004 T 425.450.1154 l F 425.451.3058

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slide1

Real Estate Reality Check

Downtown Bellevue Office Space

GARY GUENTHER | Office Specialist

Senior Vice President

Gary Guenther

Partner - Senior Vice President

GVA Kidder Mathews

500 108th Avenue NE, Suite 2400 l Bellevue, WA 98004

T 425.450.1154 l F 425.451.3058

garyg@gvakm.com l www.gvakm.com

slide2

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
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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

slide4

Delayed projects

  • BELLEVUE CBD PREVIOUSLY PROPOSED OFFICE PROJECTS
  • The Summit/Phase III 333,000 SF
  • Beacon – NE 8th 800,000 SF
  • Lincoln II 600,000 SF
  • Washington Square 600,000 SF
  • Bank of America Site 400,000 SF
  • SRO Site 500,000 SF
              • 3,233,000 SF
slide5

Who are the Tenants

Bellevue CBD Office Tenants by Square Footage Leased

slide6

TENANTS TRENDS 2009 +

  • Renewals Over Relocation
  • Flight to Savings
  • Contraction – Do More with Less
  • Extend & Blend/Reduce & Ride
  • Landlord Due Diligence