Bellevue and Seattle Office Markets in Freefall | Seattle News

Downtown Bellevue’s office market is in freefall, with property values plummeting $1.6 billion—or 19%—over four years, fueled by soaring vacancy rates that jumped from 3% to over 23%. Even as new high-dollar buildings opened, companies are letting leases expire and developers are selling at steep losses. The freeze in activity is accelerating decline, creating a vicious cycle of hesitation and falling prices. Meanwhile, Seattle’s situation is even worse, leading the nation with 37% vacancy and a 46% drop in value ($15 billion lost since 2020), hitting property owners and city revenues hard. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/ebf0db8d2c423385