Bellevue Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Bellevue is $49.76 per square foot, 10.98% lower compared to the previous year.
  • The market’s vacancy rate stands at 24.47%, higher than the state average of Washington, which is 19.08%.
  • Renting Class A/A+ office space here costs $57.41 per square foot, while Class B averages $38.66 and Class C stands at $38.55.
  • 1,124,035 square feet is currently under construction.

2025 Office Space Rent & Sales

  • $49.76 2025 Avg. Asking Rent
  • -10.98% Y-o-Y Avg. Asking Rent Change
  • 24.47% 2025 Office Vacancy Rate

What is the average asking rent price for office space in Bellevue?

Average asking rents for office space here stand at $49.76 per square foot. The local office market recorded an average vacancy rate of 24.47% in 2025, unchanged from 24.47% in 2024.

Bellevue, WA Office Asking Rents by Class

What is the average office rent per square foot by property class in Bellevue?

  • Avg. Asking Rent Class A & A+$57.41
  • Avg. Asking Rent Class B$38.66
  • Avg. Asking Rent Class C$38.55

The average asking rent for Class A and A+ office space stood at $57.41 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Bellevue averaged $38.66 per square foot, while the average for Class C space was $38.55 per square foot.

What is the average office rent per square foot by property class in WA?

  • Avg. Asking Rent Class A & A+$41.77
  • Avg. Asking Rent Class B$29.03
  • Avg. Asking Rent Class C$21.15

For comparison, the average rent for Class A and A+ office space in Washington was $41.77 per square foot. The state-wide average for Class B space was $29.03 per square foot, and Class C office spaces averaged $21.15 per square foot.

Bellevue, WA Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Bellevue was Kirkland at 14.90%. Meanwhile, the highest office vacancy rate in the market was 36.51%, recorded in I-90 Corridor.
Submarket Asking Rents Vacancy Rates
Bellevue $55.20 21.97%
SR-520 Corridor $42.30 25.29%
I-90 Corridor $40.25 36.51%
Kirkland $37.38 14.90%
Data provided by Yardi Research

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2025 Office Construction in Bellevue, WA

  • Bellevue, WA Total SF completed in 2025 479,000
  • Bellevue, WA Total SF under construction in 2026 1,124,035

How much office space was built in Bellevue in 2025?

479,000 square feet of new office space was delivered across the market in the previous year. New construction included 1 properties, with an average new property size of 479,000 square feet.

Looking forward, development activity in 2026 is estimated to add 1,124,035 square feet of office space to the market in total.

What are the largest recent office completions in Bellevue?

The largest recent office completion here is Lincoln Square South at 899,623 square feet, completed in 2017. The next largest completions are The Eight and Bravern Office Commons - Bravern 2.

Office building Address SF Completed
Four 106 350 106th Avenue NE, 98004 484,700 2025
The Eight 10660 NE 8th Street, 98004 551,000 2024
12001 SE 9th Place 12001 SE 9th Place, 98005 27,834 2021
Lincoln Square South 10400 NE 4th Street, 98004 899,623 2017
Nine Two Nine Office Tower 929 108th Avenue NE, 98004 462,000 2016
The Spring District - GIX Building 12280 NE District Way, 98005 100,000 2016
Overlake Medical Pavilion 1231 116th Avenue NE, 98004 191,051 2011
Lake Hills Village 655 156th Avenue SE, 98007 126,000 2010
Bravern Office Commons - Bravern 2 11025 NE 8th Street, 98004 494,523 2008
Bravern Office Commons - Bravern 1 11111 NE 8th Street, 98004 255,171 2008
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor Yardi Research Data can guarantee that the information provided is complete.