Everyone Wants to be in Bellevue
Transwestern SVP Mark Jackson tells us that organic growth—even more than relocations—has kicked into high gear in the Bellevue CBD. “We believe that organic growth among tech and financial sector will continue, as the economy continues its improvement,” he says. That’s making the fundamentals of the market even better: Direct vacancy in the Bellevue CBD continues a positive downwards trend, shaving 30 basis points off the average since Q1, to 8.8%. That's coupled with a $0.64 increase in average rents per SF over the same period, he says.
Mark adds that owners are starting to take advantage of the sweet conditions: a number of buildings came on the market in the past couple of weeks, and he predicts more will be on the block by the latter part of Q3. “Overall confidence in the local office market continues to build,” he says. Recently KBS Capital Advisors tapped Transwestern as the property manager of the Plaza Buildings, 10800 and 10900 NE 8th St in Bellevue’s CBD. When he's not managing properties, Tom's an avid diver, including a cave diving expedition a few years ago in Mexico. But his most recent trip to that country, he says, was an expedition to the beach.