A look at the planned Summit III building in downtown Bellevue that Amazon is taking. (LMN Architects Rendering)
Amazon will take another high rise tower in Bellevue, Wash., according to a real estate brokerage report, and because of the tech giant’s rapid growth, the downtown area is virtually out of available office space.
Brokerage Kidder Mathews reports that Amazon has leased a planned 17-story, 377,000-square-foot building called Summit III. With this new lease, Amazon will have more than 1 million square feet of offices in Bellevue.
Another brokerage report, this one from Broderick Group, says that with the latest real estate activity “there is currently not a single vacant full floor available for lease on a direct basis,” in downtown Bellevue.
Amazon said in August, at the time of the Expedia building lease, that it had 2,000 people in Bellevue with capacity for 2,500 more. Amazon has 135 open positionsbased in Bellevue on its online job board.
Amazon isn’t the only major mover and shaker in the Bellevue real estate market:
Developers are now lining up to build in Bellevue, but companies looking for space are going to have to wait awhile. In January alone, Kidder Mathews reports, a staggering five office projects in Bellevue totaling 1.15 million square feet are set to begin construction, with even more on the horizon. However, even with all this activity, Broderick Group reports that the next new downtown office buildings won’t open until 2022.
This could create opportunities for cities and projects outside the downtown Bellevue area. Just east of downtown Bellevue is the Spring District, a huge new community built around a future light rail station that has already snagged REI as a major tenant. Facebook has been linked to planned office space there, but nothing has been announced so far.
Outside of Bellevue, there are projects like Kirkland Urban, which has leased space to Tableau Software and Wave Broadband, though Google has been rumored as a buyer for the entire property. In Renton, there’s the massive Southport office project on the shores of Lake Washington that has yet to lure a tenant.