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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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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
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 • 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
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