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Eastside Office Market Data for the First Quarter of 2016

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Eastside Office Market Data for the First Quarter of 2016 Bellevue Office 10500 NE 8th Street, Suite 900 Bellevue, Washington 98004 Commercial Real Estate Services broderickgroup.com EASTSIDE OFFICE MARKET OVERVIEW First Quarter 2016 EASTSIDE MARKET SUMMARY Vacancy rates across the entire Eastside move to January 2020, three years after the last Office Market dropped markedly for the first delivery of the new CBD projects. Given that quarter of 2016 from 10.6% to 10.1%. young, tech tenants do not typically plan ahead on office space decisions, significant additional Leasing activity for the Bellevue CBD has demand should surface towards the end of this increased this quarter, somewhat easing year as the last of the new construction nears recent fears of an over-built Bellevue CBD completion. despite 1.5 million square feet of new buildings. The recently delivered 929 Building (462,000 As the Bellevue CBD attempts to regain its SF) will be followed by Schnitzer’s 425 Centre footing, the suburban Eastside markets are (354,000 SF) and Kemper Development’s headed for strong increases in rental rates Lincoln Square Expansion (710,000 SF), both and competition for smaller spaces by tenants. set to deliver end of 2016 to early 2017. As of Those markets are experiencing very little new the date of this report, there are 794,000 SF construction and posting low vacancies, such as of tenants that have or will be signing leases Kirkland’s 6.4%, I-90’s 10.6%, and Redmond’s for space in Bellevue CBD, which will result 5.7%. The lack of large contiguous suburban in 586,000 SF positive net absorption in 2016 spaces will also certainly push leasing activity and 2017. Additionally, Expedia extended their towards Bellevue CBD availabilities. lease at Tower 333 which delays their Seattle Please visit broderickgroup.com for all available properties Bellevue Office Seattle Office 10500 NE 8th Street, Suite 900 600 University Street, Suite 2220 Bellevue, Washington 98004 Seattle, Washington 98101 Main. 425.646.3444 Main. 206.838.5775 Fax. 425.646.3443 Fax. 206.838.7640 broderickgroup.com | pg. 2 EASTSIDE OFFICE MARKET OVERVIEW First Quarter 2016 EASTSIDE OFFICE MARKET SNAPSHOT Entire Eastside Market Total SF: 33,932,219 Vacant SF: 3,426,124 Vacant %: 10.10% Entire Eastside Market Asking Rates: $31.82/SF, G Absorption YTD: 172,814 SF Class A Buildings - Entire Eastside Market Total SF: 15,154,768 Vacant SF: 1,496,520 Class A Buildings Vacant %: 9.87% Asking Rates: $35.97/SF, G Absorption YTD: 144,702 SF Class A CBD Class A CBD Total SF: 7,754,175 Vacant SF: 832,981 Vacant %: 10.74% Asking Rates: $40.11/SF, G Absorption YTD: 121,909 SF Class A+* Class A+ CBD * Total SF: 3,163,184 Vacant SF: 46,534 Vacant %: 1.47% Asking Rates: $47.21/SF, G Absorption YTD: 4,015 SF * Bellevue Place, Civica Office Commons, The Bravern, City Center Plaza, Key Center, Lincoln Square broderickgroup.com | pg. 3 EASTSIDE OFFICE MARKET OVERVIEW First Quarter 2016 Q1 2016 NOTABLE EASTSIDE TRANSACTIONS (YTD) LEASING ACTIVITY Ref New / Renewal / Building Submarket RSF Qtr Tenant Name Leasing activity in the first quarter was very positive with # Expansion 172,814 SF of net absorption. Major leases signed include First Quarter 2016 Bellevue Voicebox Technologies at One Twelfth @ Twelfth (67,400 SF), Spring District 96,231 1st Microsoft / GIX New Suburban and the long awaited execution of the Microsoft / GIX lease 112th @ 12th Bellevue CBD 67,383 1st VoiceBox Technologies New at the Spring District (96,200 SF). A minimum of 794,000 SF Commons on 90 I-90 Corridor 25,186 1st Siemens New of tenants have signed or are about to sign leases in down- Commons on 90 I-90 Corridor 25,115 1st Quadrant Corp New Eastgate Office Park I-90 Corridor 23,001 1st Seagull Scientific New town Bellevue, and coupled with continued employment growth Plaza Center Bellevue CBD 22,771 1st Futurewei New by area tech firms, Landlords can expect a very positive net Lincoln Executive David Evans and I-90 Corridor 17,149 1st New absorption in 2016. REI also recently announced their Letter Center Associates 400 Lincoln Square Bellevue CBD 15,448 1st Stifel Nicolaus New of Intent to purchase eight acres of land at the Spring District North Seattle Business Bothell 15,207 1st Maxim Healthcare in Bellevue. Their new corporate headquarters will bring an Center Fourth Quarter 2015 estimated 1,500 new jobs to Bellevue, with significant growth Kirkland Urban North Kirkland 92,000 4th Tableau Software New expected beyond that number. One Newport I-90 Corridor 89,850 4th AAA of Washington New Kirkland Urban Central Kirkland 88,000 4th Wave Broadband New With the exception of REI, there continues to be a lack of activ- 929 Office Tower Bellevue CBD 84,794 4th salesforce.com New Expansion/ ity for tenants 100,000 SF and larger. Overall, leasing activity is Redmond Tech Center Redmond 34,350 4th PushPay Renewal strong across all submarkets. Overlake Medical Suburban 24,792 4th Eating Recovery Center New Pavillion Bellevue Willow Creek Corporate Redmond 23,917 4th TEKSystem New Center Twilight Center SR-520 23,638 4th BluePrint Consulting New Trulia Center Bellevue CBD 22,408 4th Lumedx Corporation Renewal Plaza Yarrow Bay SR-520 17,599 4th American Tire New Transactions negotiated by Broderick Group broderickgroup.com | pg. 4 EASTSIDE OFFICE MARKET OVERVIEW First Quarter 2016 Eastside Office Market Vacancy Percentage and Average Gross Rental Rates (* Projected) VACANCY RATES 18.0% $40.00 16.7 16.1 16.0% 15.9 The overall Eastside vacancy is currently 10.1%. Downtown Bellevue’s 34.00 $35.00 33.15 33.15 32.56 32.45 14.5 32.13 31.82 31.82 Average Gross Rental Rate ($) Average vacancy dropped from 12.3% to 10.8% over the quarter. The 462,000 14.0% 30.57 29.64 29.15 $30.00 12.9 12.7 28.30 28.29 28.15 SF 929 Building, added to inventory at the end of 2015, has kept the 27.71 12.2 12.0% vacancy rate higher than normal. Bellevue CBD vacancies should remain $25.00 10.6 10.5 23.28 23.04 10.1 10.1 relatively high for at least 2016 and 2017 as the other new construction 10.0% 9.7 9.4 9.4 9.3 9.1 projects come on line, which provides a stark contrast to the sub 10% 8.6 $20.00 8.0% rates that downtown has posted since 2012. Conversely, the suburban (%) Vacancy $15.00 markets are now posting vacancies under ten percent: Kirkland (6.4%), 6.0% SR-520 (9.0%), Redmond (5.7%) and Bellevue Suburban (9.2%). $10.00 4.0% $5.00 RENTAL RATES: CURRENT & PROJECTED 2.0% 0.0% $0.00 DOWNTOWN BELLEVUE: There are certainly positive trends for the 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q *2016 *2017 *2018 *2019 Market Vacancy % Average Gross Rental Rate new construction in downtown Bellevue, however, there is still a large amount of space to be absorbed. Increased competition among new and Eastside ffie arket lass andEastside B Office Market existing buildings could push rental rates down over the course of 2016 New onstruction s. Net bsorption New Construction1996-2009 vs. Net Absorption, 2004 - 2019 in the Bellevue CBD based on competition for tenants. (* Projected) New Construction Net Absorption Current starting rental rates for the new construction buildings range from $33-$42 NNN, depending on the project, floor, views, etc. Existing, 1,963, “best in class” product has experienced similar rental rates ($32-$39 1,636, 1,650,000 NNN). The new construction supply has brought a halt to increasing 1,517, rents that were enjoyed by downtown landlords the past four years. The jury is still out whether rents will actually decrease in 2016 as the 1,150,000 competition increases with the new deliveries. 921, 876, 800, 793, 754,000 705,000 675, 642, 586, SUBURBAN EASTSIDE MARKETS: With a vast discrepancy between 650,000 585, 525, 508, SQUARE FEET (SF) 458, 410,000 406, rents and parking costs between downtown Bellevue and the rest of the 366, 303, 300, 298, 246, 243, 240, 188, Eastside submarkets, the value driven tenants have been active in the 172, 150,000 115,000 33, 0 Eastside suburbs, and options are dwindling there. 0 0 0 0 (350,000 YEAR broderickgroup.com | pg. 5 EASTSIDE OFFICE MARKET OVERVIEW First Quarter 2016 Eastside Office Market (Current) Vacancy Percentage by Submarket Current Vaancy Bellevue CBD 10.8% RENTAL RATES: CURRENT & PROJECTED Bellevue Suburban 9.2% (CONT.) SR-520 Corridor 9.0% By way of example, at an I-90 Class A building, a tenant can achieve a starting rent of $34-35, fully I-90 Corridor 10.6% serviced (inclusive of operating expenses), and annual Kirkland 6.4% parking costs range from free to $3 per SF, per year. In a downtown Bellevue Class A building, starting Redmond 5.7% rents can be $45-50 fully serviced (including operating expenses that average approximately $2 per SF more Bothell/Kenmore 14.8% than suburban buildings), and parking costs can add approximately $7.25 per SF (if the employer is paying Mercer Island 10.2% for parking). The total annual cost difference can 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 be $20 per SF, per year (or rental costs that are as Q1 2016 much as 64% higher annually in downtown Bellevue compared to an I-90 Class A office building four miles Eastside Office Market (Historical) 30.0% to the south).
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