2015 Q1 MarketBeat Bellevue Office Snapshot: Absorption Expected to Keep Vacancy Rates at Healthy Levels
The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.
The Eastside started the year off relatively quietly, with 111,073 square feet of overall absorption at the end of the first quarter. Despite this slowdown, the overall vacancy rate continued to decline, dropping by 2.6 percentage points on a year-over-year basis while rents increased by 1.0%.