As seen in the Puget Sound Business Journal article, the Seattle/Bellevue market has absorbed nearly 2.9 million square feet of office space or around 29 percent of all the office space absorbed in the country this year. This makes it the single fastest growing market in the United States.
Since the beginning of 2017, seven new office buildings have opened in Seattle and Bellevue with major U.S. companies filling them up such as Amazon and Facebook. In addition, companies like video game-maker Valve and WeWork have moved into the recently completed 31-story Lincoln Square expansion in downtown Bellevue.
Following behind the Seattle/Bellevue market is Dallas, TX with 2.6 million square feet of office space, or 26% of the total national office space. According to information from commercial real estate company JLL, this makes these top two real estate markets account for more than half of the nation’s total office space. There is a steep drop-off in cities gobbling up office space after these two cities, with Phoenix, AZ and Austin, TX trailing their lead.
JLL doesn’t expect the pace to slow down anytime soon for the Seattle/Bellevue market with more companies continuing to move to the Puget Sound area. While the data is impressive, most people knew this was coming. In just the first quarter of the year, the Puget Sound region had already accounted for 1.9 million square feet, an amount more than all other West Coast markets combined.