2024 Office Space Rent & Sales
- $55.90 2024 Avg. Asking Rent
- 18.21% 2024 Office Vacancy Rate
Bellevue office price per square foot in 2024 was $55.90 on average. The local office market recorded an average vacancy rate of 18.21% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2024 Average Office Rent per Square Foot
- Bellevue Class A & A+ Office Space$62.33
- Bellevue Class B Office Space$39.09
- Bellevue Class C Office Space$36.00
- Washington Class A & A+ Office Space$43.88
- Washington Class B Office Space$28.21
- Washington Class C Office Space$20.51
Bellevue, WA Office Asking Rents by Class
Average office rent in Bellevue rested at $55.90 per square foot in 2024. 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 $62.33 per square foot. Across all submarkets, class B office space recorded an average asking rent of $39.09 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $36.00 per square foot, on average. Comparably, statewide Washington average office rents by class in 2024 were: $43.88 per square foot for class A office space; $28.21 per square foot for class B office space; $20.51 per square foot for class C office space.
2024 Office Vacancy Rates in Bellevue
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Bellevue | $61.43 | 13.04% |
| I-90 Corridor | $40.61 | 35.94% |
| Kirkland | $35.06 | 10.83% |
| SR-520 Corridor | $30.00 | 21.78% |
Office Spaces for Rent in Washington
Coworking Spaces in Washington
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2024 Office Construction in Bellevue, WA
- Bellevue, WA Total SF completed in 2024 2,719,303
- Bellevue, WA Total SF under construction in 2025 1,603,035
During 2024, 2,719,303 square feet of new office space were delivered across the market. At the close of 2024, the Bellevue office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 2,719,303 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 1,603,035 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Four 106 - Office Tower | 350 106th Avenue NE, 98004 | 484,700 | 2025 |
| The Eight | 10660 NE 8th Street, 98004 | 551,000 | 2024 |
| 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 |
Worth noting among recent office completions on the Bellevue market is Four 106 - Office Tower, which is currently the largest new office development in the city, at 484,700 square feet.
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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.