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Seattle 2Nd Quarter  Absorption |  Vacancy |  Rental Rate |  Construction Deliveries 2019

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Seattle 2Nd Quarter  Absorption |  Vacancy |  Rental Rate |  Construction Deliveries 2019 MARKET TRENDS | OFFICE SEATTLE 2ND QUARTER ABSORPTION | VACANCY | RENTAL RATE | CONSTRUCTION DELIVERIES 2019 VACANT SPACE / VACANCY RATE At the end of the 2nd quarter 2019, the region has a total standing office supply of 207.1 million s.f. per CoStar, up about 2.2 million s.f. With over 4.1 million s.f. of net absorption during the second quarter from last quarter. Current office vacancy for the 2019, the regional office market continues to tighten despite the region is at 5.79% with just under 12 million of total standing vacant space, including sublet number of active cranes. The tech giants continued their aggressive vacancy. This is down 69 bps from the 6.48% expansions in Seattle and on the Eastside with healthy levels of mark last quarter and a 105 bp drop from the job growth. Regional office vacancy stands at 5.79%, down from 6.84% vacancy rate one year ago, and is a 10- 6.48%. Office vacancy is now at a 10 year low. This is fueled by the year low. The entire region posted positive net absorption for the second quarter led by net absorption of 4,129,597 s.f. over the second quarter. Apple also Seattle’s impressive 3,257,728 s.f. The Eastside announced their intention to add 2,000 jobs in Seattle over the added 641,636 s.f. in net absorption with next five years which will propel job growth. Year over year 51,900 South King County absorbing another 159,306 s.f. Overall, regional net absorption over the new jobs were added to the region. With job growth expected to quarter was significant at 4,129,597 s.f. This continue and a tolerable level of new construction, the near term compares to net absorption for all of 2018 at outlook for the regional office market remains positive. 4.46 million s.f., and is the highest quarterly net absorption total in recent history. The next closest was 3.5 million s.f. in the 4th quarter Demand pushed rental rates up during the second quarter. The CBDs are of 2016. The regional availability rate showed seeing rents in the low $40’s per square foot per year NNN for new construction. no change over the second quarter, ending The Eastside continues to draw the attention of Amazon, whose minimum at 8.54%, compared to 8.57% last quarter and commitment to the Bellevue CBD is up to +/-2.7 million s.f.; it will be interesting 8.14% at the end of 2018. to see how much office appetite remains for Amazon and other Eastside tenants. NEW CONSTRUCTION ACTIVITY Developers continue to position themselves, prepared for more tech expansion. In downtown Bellevue there are five new office projects that could break ground There were seven major regional office by early 2020, with two new office projects commenced during the second deliveries during the quarter, five of which were quarter. Seattle has nine major office projects under construction after delivering in Seattle. The most significant was Amazon’s nearly 1.9 million s.f. of new office inventory over the quarter. There are eight or self-developed Amazon Block 20 project at more planned spec projects expected to come on line by early 2020. 1.1 million s.f. Other deliveries of note were SUBMARKET SUBMARKET 2Q 2019 MARKET HIGHLIGHTS VACANT SPACE MARKET SIZE NET ABSORPTION totaled 207M SF 4.33M SF 90.07M SF 4,129,597 s.f. SEATTLE CLOSE-IN TOTAL SEATTLE CLOSE-IN MARKET VACANCY decreased to 5.79%, 2.82M SF SIZE 22.05M SF SOUTH KING COUNTY SOUTH KING COUNTY the lowest region vacancy rate in the last 10 years 2.33M SF 50.99M SF EAST KING COUNTY EAST KING COUNTY CONSTRUCTION 14 major office 1.15M SF 22.39M SF projects totaling 7.7M s.f. SNOHOMISH COUNTY SNOHOMISH COUNTY RENTS increase for Class A in 1.36M SF 21.59M SF Seattle and Bellevue CBDs PIERCE COUNTY PIERCE COUNTY Q2 2019 | SEATTLE | OFFICE | KIDDER MATHEWS RESEARCH Area Review SEATTLE CLOSE-IN REVIEW EASTSIDE REVIEW Seattle delivered five office projects over the second quarter 2019 Eastside office market inventory stands at just under 51 million s.f., or adding 1,875,777 s.f. of new supply resulting in substantial net 25% of the region’s total office supply. It enters the third quarter with the absorption of 3,244,003 s.f. Office vacancy also trended downward lowest office vacancy at 4.58%, an improvement from 5.11% last quarter. to 4.80%, compared to 5.82% last quarter and 7.06% a year ago. The However, the availability rate trended upward to 6.80% currently, availability rate also declined, but only by a modest 8.60%, from 8.80% compared to 6.40% in the first quarter. Net absorption was 641,636 last quarter. Leasing activity in the Seattle market was steady with 155 s.f., up from last quarter’s negative absorption of -298,606 s.f.. Leasing total deals comprising just under 1.7 million s.f. The CBD accounted for activity was also strong with over 100 deals at just under 1.2 million s.f. about one third of the new leases highlighted by Hulus’ lease of 67,000 in total volume. Bellevue’s CBD office vacancy dropped from to 5.2% s.f. at Madison Centre, Dropbox’s lease of 121,000 s.f. at 2nd & Union, to 4.2% over the quarter, while the CBD availability rate inched up from WeWork’s leasing of about 115,000 s.f. at 1201 3rd and 75,400 s.f. at Kelly 5.6% to 5.7%. A wave of new CBD office construction is imminent with Springfield on Capitol Hill. Asking rates in the Seattle CBD increased to developers positioning themselves for another Amazon nod. Currently, $48.34/s.f./year, up from $46.44/s.f./year at the end of 2018. Vacancy there are four major office projects under construction. Kirkland Urban ended the second quarter at 5.9%, down 220 bps from last quarter’s North and Central buildings, which were fully committed, are now 8.1%. Most of the peripheral Seattle submarkets also performed well complete. Wright Runstad’s Spring District-Block 16 at 338,000 s.f., over the first quarter with vacancy rates of 3.7% in Ballard/U District, is scheduled for a 1st quarter 2020 delivery and is fully pre-leased by 1.4% for Capital Hill/Central district and 3.2% in South Seattle. Vacancy Facebook. REI’s HQ office project at nearly 350k s.f. is also underway in in the Queen Anne/Magnolia submarket remains higher at 7.2%. the Spring District. The previously mothballed Summit III office tower in the CBD is also underway containing 377,000 s.f. and fully leased to Amazon. In Redmond, Capstone’s spec 7-story One Esterra Park office building commenced at 245,000 s.f., with no announced pre-leasing to SEATTLE CBD / SURROUNDING AREA date. 8K 10% More cranes are on the way to the Bellevue CBD with at least five office projects planning 2019 or early 2020 start dates. Binary Towers 7K 9% will break ground this summer on the former Cadillac dealership site with two office towers containing 695,102 s.f., with the office portion 6K 8% fully pre-leased to Amazon. Vulcan holds two Bellevue CBD office $42.35 5K $41.48 7% development sites. The larger of the two is at the Bellevue Transit Center $39.85 where the light rail station is under construction. A 42-story tower with 4K 6% $38.37 about 980,000 s.f of office is planned for that site. Vulcan’s other site is $37.62 at the northwest quadrant of 106th Ave NE and Main St., where it plans 3K 5% a three-tower project with 850,000 total s.f. of office. Both projects 4% 2K have early 2020 starts. Other planned projects include Plus Investment USA’s Elev8 at 466,000 s.f. planned by Skanska and Amazon’s newly 1K 3% acquired Bellevue 600 project. The Eastside submarkets continue to perform well, ending the second quarter with vacancy rates of 7.7% 2% 2015 2016 2017 2018 2Q 2019 and 4.6% respectively for Kirkland and Redmond. The most significant New Construction Absorption Vacancy (%) Average Rent (Median) Eastside office leases are the Amazon leases for Summit III and Binary Towers. Additionally, Costco is moving forward with plans for their nine- story, 620,000 s.f. headquarters expansion in Issaquah, and Microsoft continues the expansion of its main campus in Redmond. After deliveries, there are nine major office projects under construction Significant Eastside office sales included the $467,500,000 ($482/s.f.) in Seattle at the end of the second quarter comprising 3.26 million s.f., purchase of Newport Corporate Center (T-Mobile campus), the sale of which 63% is pre-leased to date. The major new deliveries accounted of Offices at Riverpark in Redmond for $48,100,000 ($449/s.f.) and for nearly 1.9 million s.f. of new office inventory among five principal Amazon’s acquisition of the Bellevue Corporate Plaza for $195,000,000 projects, collectively 94% leased. The most significant was Amazon’s ($766/s.f), or the Bellevue 600 redevelopment site. The current rent for 37 floor, Amazon Block 20 project at 1.1 million s.f. The Seattle market the Eastside is $37.58/s.f./year, up $0.78/s.f./year from last quarter.
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