Bellevue Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $50.16 2023 Avg. Asking Rent
  • -0.07% Y-o-Y Avg. Asking Rent Change
  • 19.67% 2023 Office Vacancy Rate
  • $71.5M2023 Total Office Sales
  • $352.19Avg. Sale Price/SF

Bellevue office price per square foot in 2023 was $50.16 on average. This marked a -0.07% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.67% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $71.5M. Bellevue office space commanded an average sale price per square foot of $352.19.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Bellevue Class A & A+ Office Space$56.22
  • Bellevue Class B Office Space$41.83
  • Bellevue Class C Office Space$38.03
  • Washington Class A & A+ Office Space$45.53
  • Washington Class B Office Space$31.05
  • Washington Class C Office Space$35.93

Bellevue, WA Office Asking Rents by Class

Average office rent in Bellevue rested at $50.16 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Bellevue averaged $56.22 per square foot. Across all submarkets, class B office space recorded an average asking rent of $41.83 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $38.03 per square foot, on average. Comparably, statewide Washington average office rents by class in 2023 were: $45.53 per square foot for class A office space; $31.05 per square foot for class B office space; $35.93 per square foot for class C office space.

2023 Office Vacancy Rates in Bellevue

Submarket Asking Rents Vacancy Rates
Bellevue $55.95 15.01%
I-90 Corridor $41.86 32.81%
Kirkland $37.90 15.19%
SR-520 Corridor $30.00 23.28%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Bellevue market was 19.67% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Bellevue was 15.01% in the Bellevue submarket, while the highest office vacancy in the market was 32.81%, recorded in I-90 Corridor.

Office Spaces for Rent in Washington

Bellevue Office Sale Price per SF

  • $352.192023 Avg. Price per SF
  • -40.42%Y-o-Y Avg. PpSF Change
  • $71.5M2023 Office Sales Volume
  • 32023 Number of Transactions

Bellevue, WA Sale Price per SF Trend

  • Bellevue Avg. Sale Price per SF in 2023$352.19
  • Washington Avg. Sale Price per SF in 2023$249.72
Bellevue office space cost in 2023 marked a -40.42% change compared to the previous year. The sale price for office space in Bellevue averaged $352.19 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Washington average office sale price during the same time period was $249.72 per square foot.

2023 Office Sales Volume

  • Bellevue, WA Total Office Sales Volume in 2023 $71.5M
  • Bellevue, WA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Bellevue office market in 2023, adding up to a yearly sales volume of $71.5M. Notably, the largest transaction on the market saw Gateway One change hands for $35,000,000 on 2/13/2023.
Data provided by Commercial Edge

Coworking Spaces in Washington

2023 Office Construction in Bellevue, WA

  • Bellevue, WA Total SF completed in 2023 1,295,624
  • Bellevue, WA Total SF under construction in 2024 3,844,291

During 2023, 1,295,624 square feet of new office space were delivered across the market. At the close of 2023, the Bellevue office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 1,295,624 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 3,844,291 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Bellevue
Office building Address SF Completed
12001 SE 9th Place 12001 SE 9th Place, 98005 27,834 2021
Lincoln Square South 10400 NE 4th Street, 98004 899,623 2017
Nine Two Nine Office Tower 929 108th Avenue NE, 98004 462,000 2016
Overlake Medical Pavilion 1231 116th Avenue NE, 98004 191,051 2011
Lake Hills Village 655 156th Avenue SE, 98007 126,000 2010
Bravern Office Commons - Bravern 2 11025 NE 8th Street, 98004 494,523 2008
Bravern Office Commons - Bravern 1 11111 NE 8th Street, 98004 255,171 2008
Five Corners Office Building 1951 152nd Place Northeast, 98007 33,433 2008
The Summit II 10885 NE 4th Street, 98004 283,232 2005
Excalibur Apartments - Office 123 112th Avenue NE, 98004 104,400 2004

Worth noting among recent office completions on the Bellevue market is 12001 SE 9th Place, which is currently the largest new office development in the city, at 27,834 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Bellevue commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.