Surge in Puget Sound office leasing activity with Bellevue leading the way
The Seattle/Puget Sound office market saw a notable surge in leasing activity in Q2 2024, with a total of 2.0 million square feet (msf) leased, up from 1.0 msf in Q2 2023 and well above the 5-year average. Bellevue CBD was a key player, accounting for 0.6 msf or 29.7% of all leasing activity this quarter, despite comprising only 10.9% of the market's overall inventory. Major transactions included Snowflake subleasing 325,000 square feet (sf) at 1646 123rd Avenue NE from Meta, as well as Costco Wholesale renewing 176,656 sf at 21930 SE 51st Street. Additionally, ByteDance expanded its presence with an approximately 150,000 sf lease at 700 Bellevue Way NE.