A recent spate of articles dealing with the commercial real estate health of Bellevue shines a light away from Seattle commercial real estate. The big deal a few years ago was the move to Seattle of Expedia from downtown Bellevue. The flags of woe were flying high on the Eastside and the questions abounded as to the health of commercial real estate in downtown Bellevue. It now appears that all of the doubts have been answered.
Large blocks of office leasing in down Bellevue from out of state companies seeking a presence in our market are gobbling up space as soon as it is available. The condominium market in downtown is heating up and more high rises have been announced. A major source of the money behind the condominiums has been identified as Vancouver, B.C. and Asia. The commercial space to support an urban life style is dynamic and continues to expand. Optimism is the word of the day.
Seattle Commercial Real Estate supports the current perspective, but a note of caution is still called for. The current real estate cycle has run for over 11 years. This is a new record in our market and sooner or later the industry will adjust itself. Whether that adjustment comes from external political events, internal adjustments such as the cost of money and a growing national debt, or unknown events, remains to be seen. The professionals at Seattle Commercial Real Estate like to see equity in ownership and liquidity in operations as a reasonable hedge against the future. Cautious optimism is a given from our veteran team.
