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Bellevue Office Market in Freefall | Seattle News
Downtown Bellevue’s office market is in freefall, losing over $1.6 billion in value—nearly 20%—despite seven new towers, including the $476 million The Eight. Vacancy rates skyrocketed from 3.3% to over 23% in just seven years, fueled by business uncertainty and stalled investment. Even tech giants like Microsoft are exiting leases, while developers scramble to unload long-held assets. Meanwhile, Seattle’s downtown is even worse, with 37% vacancy and $15 billion wiped off its office market value—46% of its worth—crippling city tax revenue and sparking debate over local policies and business…
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