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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.

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Presentation on theme: "Real Estate Reality Check Downtown Bellevue Office Space GARY GUENTHER | Office Specialist Senior Vice President Gary Guenther Partner - Senior Vice President."— Presentation transcript:

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

2 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

3 LARGE BLOCKS & SHADOW SPACE 50,000 – 100,000 SF 11 spacesEastside Office Market 1 spaceBellevue CBD 20,000 – 50,000 SF 53 spacesEastside Office Market 14 spacesBellevue CBD Shadow Space = Currently leased, but unoccupied or scheduled for give-back

4 DELAYED PROJECTS BELLEVUE CBD PREVIOUSLY PROPOSED OFFICE PROJECTS The Summit/Phase III333,000 SF Beacon – NE 8 th 800,000 SF Lincoln II600,000 SF Washington Square600,000 SF Bank of America Site 400,000 SF SRO Site500,000 SF 3,233,000 SF

5 WHO ARE THE TENANTS BELLEVUE CBD OFFICE TENANTS BY SQUARE FOOTAGE LEASED

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


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