Bellevue, WA Economic Overview
Bellevue, WA is located just across Lake Washington from Seattle and is the economic heart of Puget Sound. It is the third-largest city in the Seattle metropolitan area.
The city began seeing rapid development prior to 2008 and has since been named one of the U.S.’ best places in which to live and launch a business. Over 140 companies are headquartered in Bellevue.
Named for the French “beautiful view," Bellevue boasts scenic views of the Olympic Mountains and Cascade Mountains ranges. The city’s youthful spirit, beauty, and serenity have lifted the Bellevue commercial real estate market, drawing both large and small companies, particularly those focused on technology.
Bellevue’s proximity to both Seattle and Redmond - the home of Microsoft and Nintendo of America, has placed it well with tech companies. Bellevue is home to the headquarters of many technology companies that started in the 1990s. The city’s economy is defined by a large number of professional, scientific, tech services, retail, and healthcare companies. The professional, scientific, and tech services sectors continue to lead employment in the area, making up almost a quarter of all employment. Notable companies include Boeing, HTC Corporation and T-Mobile U.S.
Bellevue is home to a thriving tech startup community, as hundreds of technology companies have open here since 2010, most of which operate in e-commerce and computer systems design services.
Bellevue, WA Commercial Real Estate Market
The city of Bellevue has several commercial districts and features large shopping centers such as Bellevue Square and the Overlake Shopping District to the North, Factoria Mall to the South and the Crossroads Mall to the East.
The Downtown Bellevue office market is located at the heart of the Puget Sound region and serves as a regional growth center, with just over 9 million square feet of Class A office space, as well as major retail and entertainment centers, and over 2,500 hotel rooms. The Bellevue Collection and The Shops at The Bravern distinguish the downtown core as a regional shopping destination with a trio of mixed-use complexes of shops, offices, hotels and condos. Downtown Bellevue is also host to the headquarters of several major companies, including Expedia, Eddie Baur, Symetra Financial, and Pudget Sound Energy. Downtown Bellevue is the largest commercial and residential hub of all the Eastside, WA cities and is just a quick commute to downtown Seattle.
Spring District is a planned transit-oriented development located in Wilburton, between downtown Bellevue and Redmond. Plans for the Spring District office market were drawn up in 2000 and, as of 2016, the site consists of 24 mixed-use buildings that were tailored for residential, commercial and retail use. Spring District is slated to include office space for as many as 13,000 office workers. The Global Innovation Exchange, a planned academic institute for high tech, has been announced as the first major tenant, supporting 3,000 tech students.
Factoria is a mixed-use neighborhood that has been one the city’s most significant commercial districts since the 1960s. Commercial development is centered on the Marketplace@Factoria shopping center, its nearby eight-theatre AMC cinema and several large grocery stores.
The most prominent property on the Factoria office market is the six-tower Newport Corporate Center, occupied by T-Mobile U.S.
The Factoria Campus development is located directly north of the Marketplace@Factoria, and encompasses office buildings, retail spaces and a cinema.
Bellevue, WA Office Rental Rates ($/SF/year)
Data provided by Yardi Matrix, for properties larger than 50K SF.
Bellevue, WA Office Sales
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Bellevue, WA Commercial Inventory Breakdown
Total: 26,798,277 SF
By square footage range:
- 50k to 100k SF: 3,151,420 SF / 11.76% of total office
- 100k to 500k SF: 17,282,926 SF / 64.49% of total office
- 500k to 1M SF: 4,623,931 SF / 17.25% of total office
- > 1M SF: 1,740,000 SF / 6.49% of total office
- Class A+: 591,634 SF / 2.21% of total office
- Class A: 14,301,217 SF / 53.37% of total office
- Class B: 6,249,443 SF / 23.32% of total office
- Class C: 126,998 SF / 0.47% of total office
Total: 427,659 SF
By square footage range:
- 100k to 500k SF: 427,659 SF / 100% of total industrial
- Class B: 427,659 SF / 100% of total industrial
Employment in Bellevue, WA
Washington state registered a 2.9% growth in number of jobs in 2016 and has consistently been one of the strongest job markets in the country.
Bellevue is a dynamic regional employment center, with workers coming in from across the Puget Sound region. Information technology companies are not only the fastest growing, but the largest employers in the region. With more than 45 corporate headquarters and 75 international businesses, Bellevue is a thriving international business hub.
Professional and business services jobs are expected to grow fastest. Employment sectors, from computer design services to architectural and engineering services will continue to be vibrant and dynamic.
According to the Bureau of Labor Statistics, the highest-employing industries of the Bellevue, WA region include:
- Trade, Transportation and Utilities currently employs 375.700, growing at a yearly rate of 4.4%;
- Government currently employs 283.900, growing at a yearly rate of 1.8%;
- Education and Health Services currently employs 270.400, growing at a yearly rate of 3.5%;
- Leisure and Hospitality currently employs 197.900, growing at a yearly rate of 4%.
Education in Bellevue, WA
Bellevue is well-known for having a highly educated and well-trained workforce. The percentage of residents in the area that are 25 years and older with a Bachelor’s degree or higher has increased steadily over the decades, from 54% in 2000 to 61% in 2010. It is now one of the highest in the state.
All four of Bellevue high schools rank among the best in the country. Bellevue is also home to world-class higher education, research universities, and technical colleges, such as Bellevue College, which is the third largest higher education institution in Washington state, providing education and job training to more than 37,000 students each year.
The newly announced Global Innovation Exchange (GIX) will be located in Bellevue’s developing Spring District, and it will bring together universities from around the world with major global companies, for project-based learning. The GIX is an initiative shared between the University of Washington and Beijing-based Tsinghua University.
Commuting Time in Bellevue, WA
Bellevue is a city that has changed drastically in the past decade—transitioning from a suburb to a growing city center. Traffic has traditionally been centered around Bellevue Square, but with many residents living downtown and with Microsoft, Eddie Bauer, and Expedia having a large presence, things are constantly changing.
Popular public transport initiatives include:
- The East Link light rail line, which is planned to run from Seattle through Mercer Island and Bellevue, to Redmond;
- “Bel-Red Area Transformation" is a plan for roughly 900 acres of public transport in the northern part of the city;
- The Bellevue Transit Center serves both Metro and Sound buses located at the heart of downtown and connected to the I-405.
- Total Population139,014
- Male Population(50.7 %) 70,503
- Female Population(49.3 %) 68,511
- Median Age38.20
- Average Household Income$145,527
- Median Household Income$105,402
- Median Income Under 25$50,865
- Median Income 25-44$114,288
- Median Income 45-64$128,236
- Median Income Over 65$63,787
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