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Bellevue and Seattle Office Markets in Freefall | Seattle News
Downtown Bellevue’s office market is in freefall, with property values plummeting $1.6 billion—or 19%—over four years, fueled by soaring vacancy rates that jumped from 3% to over 23%. Even as new high-dollar buildings opened, companies are letting leases expire and developers are selling at steep losses. The freeze in activity is accelerating decline, creating a vicious cycle of hesitation and falling prices. Meanwhile, Seattle’s situation is even worse, leading the nation with 37% vacancy and a 46% drop in value ($15 billion lost since 2020), hitting property owners and city revenues hard…
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