Bellevue’s Central Business District (CBD) is in the midst of one of its largest-ever expansions, with proposed developments totaling more than 5.9 million square feet. Among the most notable are Binary Towers, Summit III, and 600 Bellevue, which will be downtown Bellevue’s tallest building.
While the majority of new construction is pre-leased, several developments are moving forward without committed tenants, which speaks to developer confidence in the strength of the market. Outside downtown, suburban Bellevue has the most square footage under construction in Eastside submarkets.
While commercial office vacancy is at a historic low across the Puget Sound, the third quarter of 2019 saw a slight increase to 5 percent vacancy on the Eastside, mostly due to tenant move-outs. During the quarter, submarkets across the Eastside experienced 23,329 square feet of net absorption. Moreover, Class A rental rates in the Bellevue CBD rose for the eighth straight quarter, now sitting at $58.84 per square foot.
Here are some Bellevue developments under construction, as well as some other notable projects across the Eastside.