Trend Watch: Tech moving East
Anybody following Seattle news recently will have noticed the trend. Those giant tech firms which have so hugely helped define our city seem to be turning their eyes east. Here’s a little summary of this big tech eastward trend, and the players involved.
- In late August, Google leased 80,000 square feet in a building near the edge of downtown Bellevue, with rumored plans of leasing an additional 30,000 in the central business district
- In late September it was confirmed that Google is adding a 136,000 square foot building to its Kirkland campus
- Over the past 3 years, Facebook has spent over $105 million on construction and development permits for their rapidly expanding Oculus facilities in Redmond – and $88.3 million of those permits were filed in 2018 alone, with additional growth expected soon
- In mid-August, Facebook was looking at space in the 36-acre Spring District development east of downtown Bellevue – which will eventually offer 5.3 million square feet of office, residential, and retail space
- In late August, Amazon snagged the lease for a Bellevue tower holding more than 400,000 square feet of office space previously occupied by Expedia Group – the lease starts in 2020 and lasts for 16 years
- Big news came last week when we learned that Vulcan Real Estate’s Bellevue skyscraper project already has ‘strong interest from a large tenant’
- Real estate experts and leaders are in agreement that the potential in the Eastside is huge in all things housing, business, and life! With parks, festivals, cultural centers, major companies, and housing of all types popping up left and right, there’s undoubtedly lots more excitement to come!