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Market Report

Seattle-Tacoma Office Market Report

4Q 2022

Tech-Based Tenant Roster Developing on the Eastside as Job
Gains Catalyze Class A Demand

Campus expansions lay framework for additional demand. Areas east of Lake Washington are attracting unprecedented levels of development. As of October, ongoing construction on the Eastside totaled more than 9.4 million square feet. Fortunately, roughly 90 percent of this space is accounted for, as modern, built-to-suit projects for tech giants — such as Microsoft, Meta and Alphabet — account for most of this volume. These large-scale projects are positioned to drive additional demand for local office space, as firms attempt to tap into the area's world-class labor pool. Snapchat and Egencia, for example, committed to 123,000 square feet of offices in Bellevue earlier this year. The overall influx of tech firms to the area may also improve the slack demand observed in the local Class B/C segment over the past two years, with firms that support the operations of these campus-style expansions leasing lower-cost space nearby.

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