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Market Report

Seattle-Tacoma Multifamily Market Report

3Q 2022

Firms Target Bellevue for Growth;
Developers Anticipate Seattle Tech Firms' Return to Office

Companies key in on Bellevue, tightening local conditions. The Seattle-Tacoma metro added jobs at a pace roughly three times its long-term average during the yearlong span ending in June. A growing number of firms are choosing locations in Bellevue, as evidenced by the flurry of office leasing in the East Bellevue-Issaquah and West Bellevue-Mercer Island submarkets over the past year. These corporate expansions have bolstered apartment demand west of Lake Washington, with vacancy in both of these locales compressing by no less than 180 basis points during the 12-month period ending in the second quarter. Most notably, West Bellevue-Mercer Island contracted to a historically low rate at 2.9 percent in June. The potential for further compression exists here, as the area is slated to welcome Snapchat and Pokémon offices later this year.
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