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Market Report

Seattle-Tacoma Office Market Report

2Q 2021

Differing Approaches to Office Space Manifesting in Emerald City as Existing Campuses Expand

Seattle-area office users are adapting to change. The health crisis has prompted companies to re-evaluate their space needs, fostering different strategies in managing their footprints. Outdoor-equipment retailer REI relinquished its new Bellevue headquarters last year in favor of establishing several satellite offices. The firm will soon occupy a recently completed 69,000-square-foot building next to Lake Sammamish State Park as part of this plan. At the same time, other companies are continuing to seek centrally located towers. REI’s vacated headquarters was acquired by Facebook, and Amazon is slated to grow its own Bellevue campus by over 2.6 million square feet within the next three years. Demand from these and other technology companies will help bolster the market during this period of disruption.

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