SEATTLE, WA--(Marketwired - Nov 19, 2015) - The latest report from Cushman & Wakefield/Commerce shows Bellevue central business district (CBD) vacancy improving as rates continued to drop throughout third quarter. Fourth quarter should experience even lower vacancy.
The Eastside reported a 6.5 percent year-over-year increase in leasing activity, with third quarter doubling second quarter numbers. While asking rents rose 8.6 percent to $32.40 per square foot, overall vacancy dropped by 1.1 percentage points year-over-year from 10.85 percent to 9.7 percent.
"With the continuation of declining vacancy rates, the outlook of the Eastside is very promising," said Dave Magee, Washington Region Market Leader at Cushman & Wakefield/Commerce. "The trends Bellevue has been experiencing are improving and the market should continue to see positive growth."
During third quarter the largest office investment transaction in the Eastside was the $38.75 million Talon Private Capital purchase of Gateway One, a four-story 110,250 square foot office building. Walton St. Capital also sold Legacy Crown Pointe for $37 million.
The completion of multiple projects in 2016 will add close to 2.2 million square feet of primary office space to the Eastside with prediction of major tenants relocating to the larger available spaces.
To access the full report with further details, please visit: http://www.comre.com/uploads/reports/p1a3c5rju5q3h1pe7nkcfejkb03.pdf
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About Cushman & Wakefield/Commerce
Cushman & Wakefield/Commerce, headquartered in Salt Lake City, Utah is an independently owned and operated member of the Cushman & Wakefield Alliance, with offices throughout Utah, Nevada, Washington and Idaho. The firm partners with its sister company, Cushman & Wakefield/NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory.
Together the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, have annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com; www.cushwakenm.com. Cushman & Wakefield/Commerce and Cushman & Wakefield/NorthMarq are part of the Cushman & Wakefield platform, which is the world's largest privately-held commercial real estate services firm with 43,000 employees in over 60 countries globally. www.cushmanwakefield.com.
About Cushman & Wakefield
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm's 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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