Bellevue, WA Office Overview
The Bellevue real estate market includes the Bridle Trails - Bellevue, Crossroads, and Eastgate submarkets. While the city itself has a population of over 141,000 residents, it is also part of the greater Seattle metropolitan area, which is home to nearly 2.9 million people. As the third-largest city in the metro, the demand for Class A workspace in Bellevue is strong.
As of mid-2017, the city’s office market encompasses over 18 million square feet of existing space in properties larger than 50,000 square feet. Conveniently located across Lake Washington from Seattle, the demand for commercial real estate in Bellevue has grown year after year.
Bellevue, WA Office Inventory Description
As part of the Seattle metro area, Bellevue contributes significantly to the region's annual gross metropolitan product of nearly $250 billion. With direct access to Seattle, the city is home to a wide variety of high technology companies, both large and small, which create powerful demand for Class A space. Over 65% of the office space is Class A or A+, while Class B product adds another 6.4 million square feet to the city's inventory.
The Bellevue West submarket is one of the many areas in the city that sees powerful demand for office space. Located along the I-405 north of the Mercer Slough Nature Park, this area is home to trophy buildings such as Lincoln Plaza on South-East 6th Street, the Swift Gateway building, and the Brookside Office Park.
Antioch, CA Commercial Inventory Breakdown
Office Spaces
Total: 630,004 SF
By square footage range:
- 50k to 100k SF: 231,709 SF / 36.78% of total office
- 100k to 500k SF: 398,295 SF / 63.22% of total office
By class:
- Class B: 630,004 SF / 100% of total office
Top 10 Largest Office Buildings
in Bellevue
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Kaiser Permanente Antioch Medical Center | 4501 Sand Creek Road, 94531 | 297,000 | 2002 |
| Bluerock Center | 4053 Lone Tree Way, 94531 | 101,295 | 2007 |
| Vineyard Business Center | 1773 Vineyard Drive, 94509 | 63,193 | 2001 |
| 5065 Deer Valley Road | 5065 Deer Valley Road, 94531 | 54,276 | 1995 |
| Hillcrest Professional Center | 3440 Hillcrest Avenue, 94531 | 52,000 | 2006 |
| Kaiser Permanente Delta Fair Medical Offices - 3400 Delta Fair Blvd | 3400 Delta Fair Blvd, 94509 | 47,307 | 1978 |
| Antioch Health Center | 2335 Country Hills Drive, 94509 | 46,750 | 2016 |
| Kaiser Permanente Delta Fair Medical Offices - 3454 Hillcrest Avenue | 3454 Hillcrest Avenue, 94531 | 39,400 | 2007 |
| Hillcrest Summit | SEC Shaddick Drive & Harris Drive, 94509 | 35,077 | n/a |
| 2310-2390 Country Hills Drive | 2310 Country Hills Drive, 94509 | 34,800 | 2007 |
Most Recently-Built Office Buildings
in Bellevue
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Antioch Health Center | 2335 Country Hills Drive, 94509 | 46,750 | 2016 |
| Bluerock Center | 4053 Lone Tree Way, 94531 | 101,295 | 2007 |
| Kaiser Permanente Delta Fair Medical Offices - 3454 Hillcrest Avenue | 3454 Hillcrest Avenue, 94531 | 39,400 | 2007 |
| 2310-2390 Country Hills Drive | 2310 Country Hills Drive, 94509 | 34,800 | 2007 |
| Hillcrest Professional Center | 3440 Hillcrest Avenue, 94531 | 52,000 | 2006 |
| 2157 Country Hills Drive | 2157 Country Hills Drive, 94509 | 30,000 | 2005 |
| Kaiser Permanente Antioch Medical Center | 4501 Sand Creek Road, 94531 | 297,000 | 2002 |
| Vineyard Business Center | 1773 Vineyard Drive, 94509 | 63,193 | 2001 |
| Deer Valley Dental Professional Building | 5201 Deer Valley Road, 94531 | 26,475 | 1998 |
| 5065 Deer Valley Road | 5065 Deer Valley Road, 94531 | 54,276 | 1995 |
Bellevue, WA Green Office Space
People who live in Washington state are extremely energy conscious, so it should come as no surprise that the percentage of energy-efficient space in Bellevue exceeds that of many larger cities. 26% of its over 50,000-square-foot office inventory consists of energy-efficient properties, totaling nearly 7 million square feet.
One such example is the 144,000-square-foot, LEED Silver certified U.S. Bank Plaza on NE 8th Street, located in the city’s Downtown.
The Seattle metropolitan area ranks ninth among the top 30 U.S. office markets, for the percentage of energy-efficient, LEED-certified, or EPA Energy Star-certified workspaces. Over the past 12 years, the percentage of green office space across the U.S. has increased to 38%, up from 5% back in 2005.
Bellevue, WA's Top Office-Using Sectors
The Bellevue commercial real estate market is driven by a wide variety of businesses of all sizes and industries, including the technology, aerospace, telecommunications, and large corporate segments.
- Technology – companies such as Microsoft, Expedia, Unify Square, and The Pokemon Company International.
- Aerospace – Boeing is the third-largest employer in the city and a significant creator of white-collar employment locally.
- Telecommunications – T-Mobile and HTC Corporation also create demand for Class A space in the city.
- Corporate Offices – include Eddie Bauer, Dreambox, InfoSpace, QFC, Savers, and Symetra.
Antioch Demographics
Population
- Total Population110,730
- Male Population(48.9 %) 54,102
- Female Population(51.1 %) 56,628
- Median Age36.00
Income/Financial
- Average Household Income$87,590
- Median Household Income$71,422
- Median Income Under 25$37,276
- Median Income 25-44$67,489
- Median Income 45-64$91,453
- Median Income Over 65$54,689
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