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Eastside Office Market Overview Year End 2015

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Eastside Office Market Overview Year End 2015 Eastside Office Market Overview Year End 2015 Commercial Real Estate Services 10500 NE 8th Street, Suite 900 | Bellevue broderickgroup.com Eastside Office Market Overview Year End 2015 EASTSIDE MARKET SUMMARY While vacancy rates across the entire Eastside Office Market “treaded water” in 2015 (essentially unchanged at 10.75%), the year was other- wise positive from the aspect of pre-leasing in new construction. The recent fears of an over-built Bellevue CBD have somewhat eased in the face of 1.5 million RSF under construction, and at a time when Expedia has announced it is vacating 465,000 RSF. While only 120,000 RSF of the new construction is pre-leased, we have seen a significant increase in activity with an additional 570,000 RSF of tenants consid- ering the new buildings. This is coupled with a strong possibility that Expedia may extend their leases in downtown Bellevue well past the new construction deliveries. Both of these recent occurrences have swung forecasts to seriously consider the possibility that new demand may absorb a much larger percentage of the pending delivery of supply in downtown Bellevue than had been previously estimated. While the Bellevue CBD is hopefully regaining its footing, the suburban Eastside markets appear headed for strong increases in rental rates and potential competition for smaller spaces by tenants. This is expect- ed because those markets are experiencing very little new construction and post low vacancies, such as Kirkland’s 6.3% or I-90’s 8.1%. 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 Year End 2015 EASTSIDE OFFICE MARKET SNAPSHOT Entire Eastside Market Total SF: 33,697,920 Vacant SF: 3,622,706 Vacant %: 10.75% Entire Eastside Market Asking Rates: $31.80/SF, G Absorption YTD: (21,289) SF Class A Buildings - Entire Eastside Market Total SF: 14,974,768 Vacant SF: 1,688,970 Class A Buildings Vacant %: 11.28% Asking Rates: $35.93/SF, G Absorption YTD: (167,993) SF Class A CBD Class A CBD Total SF: 7,754,175 Vacant SF: 1,002,638 Vacant %: 12.93% Asking Rates: $40.39/SF, G Absorption YTD: (25,411) SF Class A+* Class A+ CBD * Total SF: 3,163,184 Vacant SF: 50,549 Vacant %: 1.60% Asking Rates: $46.49/SF, G Absorption YTD: 16,799 SF * Bellevue Place, Civica Office Commons, The Bravern, City Center Plaza, Key Center, Lincoln Square broderickgroup.com | pg. 3 Eastside Office Market Overview Year End 2015 LEASING ACTIVITY Leasing activity in the 4th quarter was strong, with major leases such as Salesforce.com Q1 2015 - Q4 2015 NOTABLE EASTSIDE TRANSACTIONS (YTD) at 929 Building (85,000 RSF, moving the majority of their staff from Seattle to downtown Ref New / Renewal / Bellevue), as well as Tableau Software (92,000 RSF) and Wave Broadband (88,000 Building Submarket RSF Qtr Tenant Name # Expansion RSF), both preleases at Talon’s planned Kirkland Urban buildings (formerly known as Kirkland Park Place in downtown Kirkland). Additionally, approximately 570,000 RSF of Fourth Quarter 2015 tenants are considering the new construction in downtown Bellevue, increasing confi- Kirkland Urban North Kirkland 92,000 4th Tableau Software New dence in the ultimate success for all three new buildings. AAA of Washington recently One Newport I-90 Corridor 89,850 4th AAA of Washington New purchased One Newport (90,000 RSF), removing one of the few large remaining I-90 Kirkland UrbanRef Central Kirkland 88,000 4th Wave Broadband New / NewRenewal / Building Submarket RSF Qtr Tenant Name blocks from the market. # Expansion 929 Office TowerFirst Quarter 2015Bellevue CBD 84,794 4th salesforce.com New Overlake Medical1 Newport TowerSuburban I-90 34,830 1st T-Mobile Expansion If there is a complaint, it is that the Eastside lacks a “goliath” who will further drive 24,792 4th Eating Recovery Center New Pavillion 2 Key CenterBellevue Bellevue CBD 30,166 1st FM Global Renewal absorption. Microsoft has been that large tenant in past Eastside market cycles. Despite Willow Creek Corporate 3 One BellevueRedmond Center Bellevue CBD23,91729,6614th 1stTEKSystemSouthern Wine New New Center Suburban the absence of our goliath, the Eastside continues to diversify and prosper, but the lack 4 I-405 Corporate Center 27,366 1st Eagle Home Mortgage Renewal Eastgate Office Park I-90 CorridorBellevue 23,773 4th Seagull Scientific New of a large driver in our market will severely limit new construction in this cycle. Sunset Corporate 5 I-90 24,602 1st SolutionsStar New Twilight Center Campus SR-520 23,638 4th BluePrint Consulting New Redmond Technology Denali Advanced 6 Redmond 15,837 1st New Ref New / Renewal / Center Integration Building Submarket RSF Qtr Tenant Name Trulia Center Bellevue CBD 22,408 4th Lumedx Corporation Renewal # Expansion 7 Northstream Building Kirkland 14,507 1st Cardiac Dimensions Renewal Plaza Yarrow FourthBay Quarter 2014SR-520 17,599 4th American Tire New Second Quarter 2015 Third Quarter 2015 8 Northwest Tech Center Redmond 36,062 4th SpaceX New Redmond East Renewal/ Redmond 109,753 2nd Terex Volt Information Business Campus Expansion Sixty Acres 9 Key CenterRedmond Bellevue CBD67,07226,5003rd4th UBS RenewalRenewal Commons on 90 I-90 74,215 2nd REI New 10 400 Lincoln Square Bellevue CBD 25,316 4thSciencesPolpat, LLC New Redmond TechnologyBellevue Corporate Renewal/ 11 Redmond Bellevue CBD34,35024,7593rd4thPushpayJacobs Engineering Expansion Touchstone Kirkland Kirkland 33,096 2nd WB Games Renewal Center Plaza Expansion 12 Bellevue Place Bellevue CBD 19,319 4th Smartsheet Expansion Willows Commerce Bellevue Place Bellevue CBD 29,907 3rd Bank of America Renewal Redmond 28,265 2nd Labcorp New Lincoln Executive Renewal/ Park 13 I-90 18,319 4th CDM Smith Center Downsize Lincoln Executive Renewal/ 112th @ 12th Bellevue CBD 29,803 3rd Overlake Hospital New I-90 22,161 2nd Agilysys Third Quarter 2014 Center Expansion Willows Ridge Tech Renewal/Relocation/ 14 Key Center Bellevue CBD 243,429 3rd Concur Redmond East Redmond 28,199 3rd Xerox Expansion Redmond 20,506 2nd Data I/O New Center Downsize Business Campus 112th @ 12th 15 SammamishBellevue Park Place CBDI-90 23,515176,0003rd3rdAXIACostco Financial New New 112th @ 12th Bellevue CBD 20,276 2nd Audience Science New 16 Key Center Bellevue CBD 34,380 3rdMorganMerrill Lynch Stanley SmithRenewal Willow Creek Corporate Civica Office CommonsSunset CorporateBellevue CBD 23,222 3rd Renewal Redmond 17,457 2nd Everbank New 17 I-90 30,922 3rdBarneyHealthways, Financial Inc. Renewal Center Campus Bellevue Technology Suburban Key Center 18 Summit II BellevueOffice Park CBDBellevue CBD22,44923,2933rd3rdRegusLimeaid New Renewal 15,573 2nd Hitachi Consulting New Center Bellevue 19 Tower 333 Bellevue CBD 22,363 3rd Expedia Renewal Redmond Woods SR-520 20,458 3rd Spur Group Sublease 112th @ 12th Bellevue CBD 14,618 2nd Guidant Financial New 20 Plaza East Bellevue CBD 22,000 3rd Bernston Porter New 112th @ 12th Bellevue CBD 19,635 3rd Society Consulting Sublease/ New First Quarter 2015 21 Sterling Plaza I I-90 20,285 3rd Synology New Northcreek - Renewal/ 112th @ 12th 22 Bellevue CBDBothell 18,22220,2023rd3rdTierBanner 3 Bank Expansion Newport Tower I-90 34,830 1st T-Mobile Expansion Building D Expansion Redmond East23 Carillon Point Kirkland 19,679 3rd GoDaddy Expansion Key Center Bellevue CBD 30,166 1st FM Global Renewal Redmond 16,681 3rd Tech Mahindra New Business Campus24 Carillon Point Kirkland 18,572 3rd Taiyo Pacific Partners Renewal One Bellevue Center Bellevue CBD 29,661 1st Southern Wine New Windermere ServicesRenewal/ Plaza Yarrow Bay25 Plaza EastSR-520 Bellevue CBD14,35518,4593rd3rd Apptio Renewal Suburban Company Expansion I-405 Corporate Center 27,366 1st Eagle Home Mortgage Renewal Gateway 112 / Suburban Bellevue Bellevue Corporate26 18,222 3rd CW Title Company New Bellefield Bellevue CBDBellevue 14,339 3rd Dreambox New Sunset Corporate Northcreek - I-90 24,602 1st SolutionsStar New Plaza 27 Bothell 18,000 3rd Progressive Insurance Renewal Campus Building Q Expansion/ Redmond Technology Denali Advanced Bellevue Place28 Eastgate OfficeBellevue Park CBDI-90 13,51816,2773rd3rdInsightExponent Global Renewal Redmond 15,837 1st New Relocation Center Integration 29 Sterling Plaza I I-90 15,093 3rd f5 Networks Renewal Northstream Building Kirkland 14,507 1st Cardiac Dimensions Renewal Transactions negotiated by Broderick Group Transactions negotiated by Broderick Group broderickgroup.com | pg. 4 Eastside Office Market Overview Year End 2015 Eastside Office Market Vacancy Percentage and Average Gross Rental Rates (* Projected) 18.0% $35.00 VACANCY RATES $33.15 $33.15 16.6% $32.13 $32.58 $32.45 $31.80 15.9% 16.0% 16.0% $30.59 $29.65 The overall Eastside vacancy of 10.75% is unimpressive. Downtown $28.32 $29.18 $30.00 $27.73 $28.31 14.4% $28.18 14.0% Bellevue vacancy increased to 12.8% after enjoying sub 10% vacancies Gross Rental Rate ($) Average 12.7% 12.9% 12.2% $25.00 since year 2012. This jump was due to the 462,000 RSF that the 929 $23.11 $23.30 12.0% Building added to inventory at the end of the year. Once Salesforce and 10.4% 10.8% 10.2% 10.1% $20.00 10.0% 9.9% other pending leases record vacancy, this will reverse temporarily until 9.3% 9.4% the other two new buildings deliver at the end of 2016 and early 2017. 8.6% 8.0% $15.00 From that point, Bellevue CBD vacancies should remain high for at least 2016 and 2017. Conversely, the suburban markets are continuing to (%) Vacancy 6.0% $10.00 improve, posting low vacancies such as Kirkland (6.3%), I-90 (8.1%), 4.0% Redmond (7.4%) and Bellevue Suburban (9%).
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