This document provides projections for population and employment growth in downtown Bellevue through 2019. It details over 20 development projects that will add new office, hotel, residential and retail space. These projects are expected to add over 7,000 new residents and significantly increase the number of jobs in the downtown area. Specifically, office jobs are projected to increase by 26% by 2020, while retail and hotel jobs are each expected to increase by over 20%. Overall, total employment is projected to grow by 25% in the downtown area by 2020 under a "business as usual" growth scenario.
ERA Martin Associates is a top real estate firm in Salisbury, MD founded in 1985. The company offers various services including property listings, marketing, and sales. Bill Martin is the president and leads a team that provides excellent customer service. The company utilizes many online listing sites and print publications to market listings.
What: The Economic Development Forum
When: Thursday, September 29, 2022 from 8:30 a.m. - 10:00 a.m.
Why: What does it mean and what does it take to have a thriving community? This forum will look closely at economic development throughout Greater Chapel Hill-Carrboro and Orange County, and unpack what's underway, why it matters, and what we can expect going forward.
Panel Presentations
Steve Brantley, Orange County Economic Development
Dwight Bassett, Town of Chapel Hill Economic Development
Matt Gladdek, Chapel Hill Downtown Partnership
Jon Hartman-Brown, Town of Carrboro Economic Development
Shannan Campbell, Town of Hillsborough Economic Development
About the Critical Issues Series: The 2022 Critical Issues Series (formerly known as the Policy Series) includes quarterly forums that feature influential guest speakers who address timely topics for Greater Chapel Hill-Carrboro related to the economy, economic development, public policy, and elections. The series is presented by Chapel Hill Media Group, Durham Tech, Glen Lennox, and Servpro of South Durham and Orange Counties with support from the Small Business and Technology Development Center (SBTDC), which provides free and confidential business counseling.
Contact: For questions, contact Katie Loovis, The Chamber's Vice President for External Affairs at (919) 696-0781 (cell) or KLoovis@carolinachamber.org.
This document summarizes discussions from a workshop regarding the development of parcels D2 and D3 in Union Square, Somerville. The workshop addressed program, massing, and design principles. For program, a balanced mix of uses including jobs, housing, retail, and open space was proposed. Massing concepts explored stepping back taller portions from streets and the T station. Design principles focused on activating streets, carving out shared public spaces, and relating to the surrounding context.
- Class A vacancy rates in the downtown and northeast submarkets of Grand Rapids decreased substantially in Q1 2016, reaching some of the lowest rates in the last 7 years.
- New construction projects are planned or underway in downtown Grand Rapids, including a 12-story office tower and several new residential buildings.
- Available industrial, office, and retail properties sold during Q1 2016, while several leases were signed, indicating continued strength in the West Michigan commercial real estate market.
The West Michigan office market saw solid activity in 2016, with average rental rates up and vacancy rates down from the previous year. New construction projects were completed, including the 120,000 SF Arena Place in downtown Grand Rapids. Several large office buildings in downtown and the suburbs changed hands. Medical office leasing became more active after slowing in 2015. The market is expected to continue seeing demand for downtown office space and new construction in 2017, though limited parking availability may constrain leasing. Rental rates and vacancies are expected to remain favorable for landlords.
2014 Real Estate Market Update and 2015 Forecast PhilippinesKMC Savills, Inc.
What's next for Philippine real estate? The sentiment on the Philippine economy remains generally positive. Despite the slowdown, the Philippine economy is still seen as the fastest-growing among the ASEAN-6, as it claims the highest GDP forecast in the region for 2014 to 2015. It is likely to trail behind China (or even India) as among the robust economies in Asia. And it looks like the expansion and growth of the local economy will continue through next year.
The property market in the Philippines is still in a sweet spot. This year, we have seen some big investments rise from the ground with local developers and foreign investors creating a new landscape, doing their best to deliver to the increasing demand and activity in the market. Metro Manila's central business districts and other prime locations in the city have become home to new residential communities and have been the hot spots for expanding office developments and booming retail markets. The third quarter property market update reflects high investor confidence. With the upcoming developments and launches and ongoing constructions, the industry is in an upward spiral. The office market is the most active and popular of all the assets and property types. Residential real estate hasn't lost steam, although market interest is shifting towards the lower segment. The steady flow of OFW (overseas Filipino workers) remittances, booming IT-BPO industry, increasing domestic demand, and growth in tourist arrivals over the next few years drive growth in the property market. With the Philippines' fast-growing economy, it is slated to become a top real estate market in the coming years.
Office market
It's a landlord market for the office and commercial property sector, and it is likely to stay this way because of the shortage in supply. The office market has an impressive third quarter performance. We can see an early upswing for the office market and commercial property sector. There's an increasing demand and decreasing vacancy, resulting in a price increase. In central business districts, there are single-digit vacancy rates below five percent. Take-up is rather impressive. We can see new and upcoming supplies putting some pressure on rental prices and vacancy rates. However, rental growth will be at a more conservative pace. As prime office supply in CBDs stays low through 2016, the demand in the leasing market and interest particularly on serviced offices will be sustained, especially with the IT-BPO and KPO industry's expansion and SMEs wanting to test the market first. Investors and developers should explore the idea of developing new CBDs as BGC, Makati, and Ortigas start to fill to the brim and become saturated. Great locations would be Quezon City and Bay City. CBDs can also be developed in other parts of the country, with the rise of Next Wave Cities that have turned into promising investment destinations.
ERA Martin Associates is a top real estate firm in Salisbury, MD founded in 1985. The company offers various services including property listings, marketing, and sales. Bill Martin is the president and leads a team that provides excellent customer service. The company utilizes many online listing sites and print publications to market listings.
What: The Economic Development Forum
When: Thursday, September 29, 2022 from 8:30 a.m. - 10:00 a.m.
Why: What does it mean and what does it take to have a thriving community? This forum will look closely at economic development throughout Greater Chapel Hill-Carrboro and Orange County, and unpack what's underway, why it matters, and what we can expect going forward.
Panel Presentations
Steve Brantley, Orange County Economic Development
Dwight Bassett, Town of Chapel Hill Economic Development
Matt Gladdek, Chapel Hill Downtown Partnership
Jon Hartman-Brown, Town of Carrboro Economic Development
Shannan Campbell, Town of Hillsborough Economic Development
About the Critical Issues Series: The 2022 Critical Issues Series (formerly known as the Policy Series) includes quarterly forums that feature influential guest speakers who address timely topics for Greater Chapel Hill-Carrboro related to the economy, economic development, public policy, and elections. The series is presented by Chapel Hill Media Group, Durham Tech, Glen Lennox, and Servpro of South Durham and Orange Counties with support from the Small Business and Technology Development Center (SBTDC), which provides free and confidential business counseling.
Contact: For questions, contact Katie Loovis, The Chamber's Vice President for External Affairs at (919) 696-0781 (cell) or KLoovis@carolinachamber.org.
This document summarizes discussions from a workshop regarding the development of parcels D2 and D3 in Union Square, Somerville. The workshop addressed program, massing, and design principles. For program, a balanced mix of uses including jobs, housing, retail, and open space was proposed. Massing concepts explored stepping back taller portions from streets and the T station. Design principles focused on activating streets, carving out shared public spaces, and relating to the surrounding context.
- Class A vacancy rates in the downtown and northeast submarkets of Grand Rapids decreased substantially in Q1 2016, reaching some of the lowest rates in the last 7 years.
- New construction projects are planned or underway in downtown Grand Rapids, including a 12-story office tower and several new residential buildings.
- Available industrial, office, and retail properties sold during Q1 2016, while several leases were signed, indicating continued strength in the West Michigan commercial real estate market.
The West Michigan office market saw solid activity in 2016, with average rental rates up and vacancy rates down from the previous year. New construction projects were completed, including the 120,000 SF Arena Place in downtown Grand Rapids. Several large office buildings in downtown and the suburbs changed hands. Medical office leasing became more active after slowing in 2015. The market is expected to continue seeing demand for downtown office space and new construction in 2017, though limited parking availability may constrain leasing. Rental rates and vacancies are expected to remain favorable for landlords.
2014 Real Estate Market Update and 2015 Forecast PhilippinesKMC Savills, Inc.
What's next for Philippine real estate? The sentiment on the Philippine economy remains generally positive. Despite the slowdown, the Philippine economy is still seen as the fastest-growing among the ASEAN-6, as it claims the highest GDP forecast in the region for 2014 to 2015. It is likely to trail behind China (or even India) as among the robust economies in Asia. And it looks like the expansion and growth of the local economy will continue through next year.
The property market in the Philippines is still in a sweet spot. This year, we have seen some big investments rise from the ground with local developers and foreign investors creating a new landscape, doing their best to deliver to the increasing demand and activity in the market. Metro Manila's central business districts and other prime locations in the city have become home to new residential communities and have been the hot spots for expanding office developments and booming retail markets. The third quarter property market update reflects high investor confidence. With the upcoming developments and launches and ongoing constructions, the industry is in an upward spiral. The office market is the most active and popular of all the assets and property types. Residential real estate hasn't lost steam, although market interest is shifting towards the lower segment. The steady flow of OFW (overseas Filipino workers) remittances, booming IT-BPO industry, increasing domestic demand, and growth in tourist arrivals over the next few years drive growth in the property market. With the Philippines' fast-growing economy, it is slated to become a top real estate market in the coming years.
Office market
It's a landlord market for the office and commercial property sector, and it is likely to stay this way because of the shortage in supply. The office market has an impressive third quarter performance. We can see an early upswing for the office market and commercial property sector. There's an increasing demand and decreasing vacancy, resulting in a price increase. In central business districts, there are single-digit vacancy rates below five percent. Take-up is rather impressive. We can see new and upcoming supplies putting some pressure on rental prices and vacancy rates. However, rental growth will be at a more conservative pace. As prime office supply in CBDs stays low through 2016, the demand in the leasing market and interest particularly on serviced offices will be sustained, especially with the IT-BPO and KPO industry's expansion and SMEs wanting to test the market first. Investors and developers should explore the idea of developing new CBDs as BGC, Makati, and Ortigas start to fill to the brim and become saturated. Great locations would be Quezon City and Bay City. CBDs can also be developed in other parts of the country, with the rise of Next Wave Cities that have turned into promising investment destinations.
JLL Cincinnati: Full Circle Report 2017Ross Bratcher
Downtown Cincinnati has undergone a tremendous transformation over the last five years that has positioned its urban core to be a live-work-play destination for companies, professionals, and visitors. Cincinnati is home to a mature corporate community consisting of 10 Fortune 500 companies. In addition, Downtown Cincinnati has become a hotbed for startup activity as companies flock to the Central Business District and Over-The-Rhine to attract and retain top talent.
This presentation was given to the Boxborough Master Plan Update Committee on February 25, 2015. It outlines Boxborough's existing conditions for economic development and gives a few examples of possible strategies for the future.
This document provides an overview of commercial real estate market conditions in Atlantic Canada in Q2 2016. It notes that office and industrial vacancy rates varied across major markets like Halifax, Moncton, and St. John's. Limited new construction and a relatively small number of buyers kept regional office markets quiet. For industrial, construction slowed in Halifax's Burnside area as vacancy rose above 15%. The multi-residential sector saw some large transactions and rent increases in most markets year-over-year. Private equity also became more active in retail markets.
The document is an office market report from NAI Wisinski of West Michigan summarizing Q3 2015 real estate trends in the West Michigan area. It finds that downtown Grand Rapids continues to see growth, with positive net absorption, increasing rental rates, and lower vacancy compared to other Midwest markets. Redevelopment of existing properties is another sign of growth, such as a $50,000 renovation of 25 Jefferson Place that exposed original brick walls and increased natural light, allowing the building to be sold to a developer within months. Overall, the West Michigan office market had positive net absorption of 224,768 square feet in Q3 2015 and a vacancy rate of 10.4%, up from 9.6% last quarter.
Real Estate Competition - Campus Finalist Oscar Haman
Based on the 4th annual Cornell International Real Estate Competition.
A potential recommendation for a buy or pass of mezzanine debts
Completing this case involved:
- Using the lien on a mezzanine debt in order to take equity interest of the owner's properties
- Computing an amortisation schedule in order to determine the financial capabilities of the owner
- Analysing the post GFC conditions of the U.S economy and real estate market
- Conducting a DCF to determine exit selling price of the properties
- Providing relevant renovations to the properties in order to main standard of Class A classification
West End Boutique Project Opportunity In Brisbane's Growth MarketReal Estate Investar
Learn how you can benefit from investing in the growing Brisbane market and maximise growth and yield potential through selecting and investing in boutique projects.
Cornbelt Financial provides tax and financial services to individuals and businesses in Denver, Colorado. It offers services including tax preparation, planning, consulting, bookkeeping, payroll, and start-up consulting. Cornbelt aims to target young professionals and small business owners in the Denver area. It plans to launch an online tax preparation service in 2017 and is seeking $23,000 in funding for development. Revenue is projected to grow from $46,125 in 2016 to over $277,000 in 2020 as the business expands its services and client base.
At TCG we strive to improve our client’s overall experience while engaging in a new construction project. Our goal is to change the “USUAL” way construction projects are managed and improve the process through our comprehensive project management services. We put a heavy focus on process and documentation while managing our client’s projects. We achieve this by incorporating our cloud based project management software to help boost overall project efficiencies. This includes automated reporting capabilities to ensure all parties are well informed every step of the way throughout the duration of their project.
Orange County and the Town of Chapel Hill provide economic development resources and programs to support small businesses and encourage new investment. Recent projects announced are expected to generate over 1,900 jobs with $2.4 billion in new investment. UNC Health is expanding its medical campus in Chapel Hill. TRG is developing several new multifamily housing communities in Chapel Hill, with the first units expected to be complete in 2024-2025.
The document summarizes the office, retail, hotel, and serviced apartment markets in Ho Chi Minh City's central business district (CBD) in the third quarter of 2015. For the office market, average asking rents increased while occupancy rates improved. Limited new supply is expected over the next two years. The retail market saw increases in average asking rents and occupancy rates across different formats. Hotel room rates increased while the number of international visitors to Vietnam grew. The serviced apartment market saw higher occupancy and rents. Overall, the CBD commercial real estate sectors showed positive performance and outlook.
Office vacancy rates in Pittsburgh are forecasted to rise by the end of the year due to two major developments. The Tower at PNC Plaza will deliver 800,000 square feet of new office space in the summer, and some PNC operations will relocate from leased offices, adding to vacancy. Additionally, BNY Mellon plans to consolidate operations in the region and vacate up to 650,000 square feet at 525 William Penn Place. Overall job growth in Pittsburgh has been positive over the last year but office-using employment sectors have declined, which will lead to muted office demand over the next 12 months.
21st Century Work by Matt O'Kane | DevCon Summit 2015 #GoOpenSourcePHDEVCON
Freelancer is the world's largest freelancing marketplace in terms of total users and projects posted. It provides opportunities for freelancers and small businesses globally. Freelancer has experienced exceptional growth over time, with over 16 million registered users and over 8 million projects and contests posted as of June 2015. The marketplace is changing the global dynamics for hiring and opportunities for people worldwide.
The document outlines a development plan for The Square at Broadway Place, a mixed-use development in downtown Los Angeles. The plan proposes a three-phase development that will include retail, office, hotel, and residential units totaling over 1,000 units. Phase 1 will include a boutique hotel, apartments, and retail delivered by 2013. Phase 2 will include 340 apartments and retail delivered by 2016. Phase 3 will include additional residential and retail delivered by 2018. The development aims to capitalize on the revitalization of the South Park neighborhood while mitigating risk by leveraging existing structures and a staggered development approach.
Uncertainty and Fundamentals Driving Capital Decisions - Keynote David Bitner...Ryan Slack
The document provides a summary of the U.S. economic and commercial real estate outlook from Cushman & Wakefield for April 2017. It discusses how 2017 started slowly with rising capitalization rates and decelerating price returns. U.S. investment sales volumes in the first quarter of 2017 were down 42% and 18% compared to the first quarter of 2016 for single asset and portfolio deals respectively. The summary explores reasons for the slow start to the year including general uncertainty in the economy, real estate cycle, and their interplay with politics.
The Woodlands office submarket performed exceptionally well over the quarter, posting 385,264 SF of positive net absorption in Q4 2018. The average vacancy rate increased from 9.2% in Q3 2018 to 10.6%. Leasing activity continued to be robust as The Howard Hughes Corporation completed over 141,000 SF of leases and HP occupied 378,000 SF in two buildings in Springwoods Village.
The document provides an overview of the office market in Toronto for the third quarter of 2014. It finds that vacancy rates continued to decline in the downtown core while rising in the suburbs. Demand was strongest in the financial and technology sectors, particularly for large spaces downtown. Investment activity remained constrained due to limited supply, though new development projects were attracting investors. Vacancy increased in the midtown area following a large space being sublet. The central north market saw a slowdown in leasing despite low vacancy.
JLL Cincinnati: Full Circle Report 2017Ross Bratcher
Downtown Cincinnati has undergone a tremendous transformation over the last five years that has positioned its urban core to be a live-work-play destination for companies, professionals, and visitors. Cincinnati is home to a mature corporate community consisting of 10 Fortune 500 companies. In addition, Downtown Cincinnati has become a hotbed for startup activity as companies flock to the Central Business District and Over-The-Rhine to attract and retain top talent.
This presentation was given to the Boxborough Master Plan Update Committee on February 25, 2015. It outlines Boxborough's existing conditions for economic development and gives a few examples of possible strategies for the future.
This document provides an overview of commercial real estate market conditions in Atlantic Canada in Q2 2016. It notes that office and industrial vacancy rates varied across major markets like Halifax, Moncton, and St. John's. Limited new construction and a relatively small number of buyers kept regional office markets quiet. For industrial, construction slowed in Halifax's Burnside area as vacancy rose above 15%. The multi-residential sector saw some large transactions and rent increases in most markets year-over-year. Private equity also became more active in retail markets.
The document is an office market report from NAI Wisinski of West Michigan summarizing Q3 2015 real estate trends in the West Michigan area. It finds that downtown Grand Rapids continues to see growth, with positive net absorption, increasing rental rates, and lower vacancy compared to other Midwest markets. Redevelopment of existing properties is another sign of growth, such as a $50,000 renovation of 25 Jefferson Place that exposed original brick walls and increased natural light, allowing the building to be sold to a developer within months. Overall, the West Michigan office market had positive net absorption of 224,768 square feet in Q3 2015 and a vacancy rate of 10.4%, up from 9.6% last quarter.
Real Estate Competition - Campus Finalist Oscar Haman
Based on the 4th annual Cornell International Real Estate Competition.
A potential recommendation for a buy or pass of mezzanine debts
Completing this case involved:
- Using the lien on a mezzanine debt in order to take equity interest of the owner's properties
- Computing an amortisation schedule in order to determine the financial capabilities of the owner
- Analysing the post GFC conditions of the U.S economy and real estate market
- Conducting a DCF to determine exit selling price of the properties
- Providing relevant renovations to the properties in order to main standard of Class A classification
West End Boutique Project Opportunity In Brisbane's Growth MarketReal Estate Investar
Learn how you can benefit from investing in the growing Brisbane market and maximise growth and yield potential through selecting and investing in boutique projects.
Cornbelt Financial provides tax and financial services to individuals and businesses in Denver, Colorado. It offers services including tax preparation, planning, consulting, bookkeeping, payroll, and start-up consulting. Cornbelt aims to target young professionals and small business owners in the Denver area. It plans to launch an online tax preparation service in 2017 and is seeking $23,000 in funding for development. Revenue is projected to grow from $46,125 in 2016 to over $277,000 in 2020 as the business expands its services and client base.
At TCG we strive to improve our client’s overall experience while engaging in a new construction project. Our goal is to change the “USUAL” way construction projects are managed and improve the process through our comprehensive project management services. We put a heavy focus on process and documentation while managing our client’s projects. We achieve this by incorporating our cloud based project management software to help boost overall project efficiencies. This includes automated reporting capabilities to ensure all parties are well informed every step of the way throughout the duration of their project.
Orange County and the Town of Chapel Hill provide economic development resources and programs to support small businesses and encourage new investment. Recent projects announced are expected to generate over 1,900 jobs with $2.4 billion in new investment. UNC Health is expanding its medical campus in Chapel Hill. TRG is developing several new multifamily housing communities in Chapel Hill, with the first units expected to be complete in 2024-2025.
The document summarizes the office, retail, hotel, and serviced apartment markets in Ho Chi Minh City's central business district (CBD) in the third quarter of 2015. For the office market, average asking rents increased while occupancy rates improved. Limited new supply is expected over the next two years. The retail market saw increases in average asking rents and occupancy rates across different formats. Hotel room rates increased while the number of international visitors to Vietnam grew. The serviced apartment market saw higher occupancy and rents. Overall, the CBD commercial real estate sectors showed positive performance and outlook.
Office vacancy rates in Pittsburgh are forecasted to rise by the end of the year due to two major developments. The Tower at PNC Plaza will deliver 800,000 square feet of new office space in the summer, and some PNC operations will relocate from leased offices, adding to vacancy. Additionally, BNY Mellon plans to consolidate operations in the region and vacate up to 650,000 square feet at 525 William Penn Place. Overall job growth in Pittsburgh has been positive over the last year but office-using employment sectors have declined, which will lead to muted office demand over the next 12 months.
21st Century Work by Matt O'Kane | DevCon Summit 2015 #GoOpenSourcePHDEVCON
Freelancer is the world's largest freelancing marketplace in terms of total users and projects posted. It provides opportunities for freelancers and small businesses globally. Freelancer has experienced exceptional growth over time, with over 16 million registered users and over 8 million projects and contests posted as of June 2015. The marketplace is changing the global dynamics for hiring and opportunities for people worldwide.
The document outlines a development plan for The Square at Broadway Place, a mixed-use development in downtown Los Angeles. The plan proposes a three-phase development that will include retail, office, hotel, and residential units totaling over 1,000 units. Phase 1 will include a boutique hotel, apartments, and retail delivered by 2013. Phase 2 will include 340 apartments and retail delivered by 2016. Phase 3 will include additional residential and retail delivered by 2018. The development aims to capitalize on the revitalization of the South Park neighborhood while mitigating risk by leveraging existing structures and a staggered development approach.
Uncertainty and Fundamentals Driving Capital Decisions - Keynote David Bitner...Ryan Slack
The document provides a summary of the U.S. economic and commercial real estate outlook from Cushman & Wakefield for April 2017. It discusses how 2017 started slowly with rising capitalization rates and decelerating price returns. U.S. investment sales volumes in the first quarter of 2017 were down 42% and 18% compared to the first quarter of 2016 for single asset and portfolio deals respectively. The summary explores reasons for the slow start to the year including general uncertainty in the economy, real estate cycle, and their interplay with politics.
The Woodlands office submarket performed exceptionally well over the quarter, posting 385,264 SF of positive net absorption in Q4 2018. The average vacancy rate increased from 9.2% in Q3 2018 to 10.6%. Leasing activity continued to be robust as The Howard Hughes Corporation completed over 141,000 SF of leases and HP occupied 378,000 SF in two buildings in Springwoods Village.
The document provides an overview of the office market in Toronto for the third quarter of 2014. It finds that vacancy rates continued to decline in the downtown core while rising in the suburbs. Demand was strongest in the financial and technology sectors, particularly for large spaces downtown. Investment activity remained constrained due to limited supply, though new development projects were attracting investors. Vacancy increased in the midtown area following a large space being sublet. The central north market saw a slowdown in leasing despite low vacancy.
Similar to Future of Downtown Bellevue -email (20)
2. The FUTURE of DOWNTOWN BELLEVUE
1
THE FUTURE OF DOWNTOWN BELLEVUE: EXECUTIVE SUMMARY
The following pages contain our detailed projections on population and employment growth in Downtown Bellevue
through 2019. This information was created in order to better understand the relationships between office, hotel,
retail and residential development projects and the types and numbers of direct jobs created by those real estate
development projects.
We have used two scenarios in our assumptions. The first scenario assumes “business as usual.” The second
scenario assumes a “moderate slowdown.” Our assumptions are our own, based on our many years of experience
in the Downtown Bellevue commercial real estate market assisting our clients in buying, selling, leasing, managing
and developing their Bellevue Projects.
Our approach has been to demystify and distill the numbers into easy to understand and compelling charts and
graphs that you can use to make better business decisions.
We hope you enjoy it and find it useful.
Sincerely,
Bobby Shanahan Mark C. Anderson
Senior Research Associate Senior Vice President
425 453 3144 425 453 3117
bobby.shanahan@colliers.com mark.c.anderson@colliers.com
3. The FUTURE of DOWNTOWN BELLEVUE
2
BELLEVUE CBD OFFICE / MULTIFAMILY / RETAIL / HOTEL DEVELOPMENT PIPELINE
The following list of downtown Bellevue developments reflect the flurry of large projects coming our way.
These office, hotel, multifamily, and retail properties have recently completed, are currently under construction,
near construction, or under review by the city. At least twenty projects are scheduled to deliver between now and
mid-2020 if all goes according to plan.
In projecting future employee and population growth, the following calculations and assumptions were made:
» Office properties—we assume the buildings stabilize to 90% leased and one employee occupies an
average of 200 square feet
» Multifamily projects—we calculate that the buildings will lease up to 95% occupancy within two quarters
after completion, adding 1.65 residents per household
» Hotels—we assume they will be fully staffed with one employee for every five rooms
» Retail space—we are confident that along Bellevue Way Main Street, all space will be leased, while we
assume 95% leased in other areas, one employee takes up an average of 400 square feet
The Summit III - O
Metro 112 - Phase II - MF
Marriott AC - H
Centre 425 - O
Bellevue Square Expansion - R/H/MF
400 Lincoln Square - O/R
405
SOMA Phase II - MF/R
Bellevue Plaza - MF/R
Main Street Flats - Phase II - MF/R
BOSA Condo Tower - MF/R
Park at Bellevue - MF/R
Evergreen Plaza - MF/RMirador - MF
KEY
Hotel - H; Multifamily - MF;
Office - O; Retail - R
Under Construction
Proposed
500 Lincoln Square - MF/H/R
Silver Cloud Inn - H
Elev8 - R/MF
Four 106 - MF/H
Hilton Garden
Vuecrest Apartments - MF
103rd Avenue Apartments - MF
888 108th Ave NE - MF
Puget Sound Blood Site - MF
Plaza Center Residences - MF
Bellevue 600 - O/H
Bellevue Center - R/MF
4. The FUTURE of DOWNTOWN BELLEVUE
3
1
929 Office Tower
» 462,000 SF Office
» Delivered Q4 2015
» 85,000 SF Leased to Salesforce.com = 18% leased
» 2,000 Office Jobs Projected
» 330 Salesforce Jobs in Q4 2016 Projected
2
Centre 425
» 354,000 SF Office
» Delivering December 2016
» 100% Pre-leased to Amazon
» 2,300 Office Jobs Projected by Q2 2017 (150 SF per
employee)
3
Lincoln Square II
» 720,000 SF Office
» 245 Hotel Rooms
» 231 Apartment Units
» 180,000 SF Retail
» Delivering May 2017 (Office) Q4 2017 (Hotel/Apartments)
» 55% Office SF Pre-leased (Valve + WeWork = 300,000 SF,
42% of Total Office SF)
» 49 Hotel Jobs Projected
» 450 Retail Jobs Projected
» 3,700 Office Jobs Projected
» 362 New Residents Projected
4
Bellevue Square Expansion
» 175,000 SF Retail
» 140 Hotel Rooms
» 250 Apartment Units
» Delivering Q1 2019
» 440 Retail Jobs Projected
» 28 Hotel Jobs Projected
» 392 New Residents Projected
5
Hilton Garden Inn
» 254 Hotel Rooms
» Delivering Q4 2017
» 51 Hotel Jobs Projected
» Ground Floor Retail
5. The FUTURE of DOWNTOWN BELLEVUE
4
6
Marriott AC Hotel
» 234 Hotel Rooms
» Delivering Q1 2017
» 47 Hotel Jobs Projected
» Ground Floor Retail
7
Four 106 – Phase 1
» 120 Hotel Rooms
» 275 Apartment Units
» 6,500 SF Retail
» Delivering Q4 2018
» 24 Hotel Jobs Projected
» 15 Retail Jobs Projected
» 431 New Residents Projected
8
Elev8 – Phases 1 2
» 435 Apartment Units (Phase 1)
» 400 Condo Units (Phase 1)
» 300,000 SF Office (Phase 2)
» 300 Hotel Rooms (Phase 2)
» 281,000 SF Retail
» Phase 1 = Q1 2019 Delivery
» Phase 2 = Q4 2019 Delivery
» 1,350 Office Jobs Projected
» 60 Hotel Jobs Projected
» 664 Retail Jobs Projected
» 1,300 New Residents Projected
9
The Meyden
» 256 Apartment Units
» 29,711 SF Retail
» Delivered Q1 2016
» 370 New Residents Projected
» 75 Retail Jobs Projected
» 88% leased as of 9/30/2016
10
SOMA Tower II
» 124 Apartment Units
» 15,630 SF Retail
» Delivering Q4 2016
» 37 Retail Jobs Projected
» 199 New Residents Projected
6. The FUTURE of DOWNTOWN BELLEVUE
5
11
Venn @ Main
» 350 Apartment Units
» 23,475 SF Retail (One Restaurant)
» Delivered Q3 2016
» 578 New Residents Projected
» 70 Retail Jobs Projected
12
Park 88 Residences
» 160 Apartment Units
» 13,509 SF Retail (11,000 SF Carmine Restaurant)
» Delivered Q3 2016
» 251 New Residents Projected
» 45 Retail Jobs Projected
» 69% leased as of 9/30/2016
13
Mirador
» 162 Apartment Units
» 120 Condominium Units
» 6,000 SF Retail
» Delivering Q1 2018
» 462 New Residents Projected
» 14 Retail Jobs Projected
14
Bosa Condo Tower
» 142 Condominium Units
» 16,000 SF Retail
» Delivering Q3 2018
» 223 New Residents Projected
» 40 Retail Jobs Projected
15
Evergreen Plaza
» 154 Apartment Units
» 3,000 SF Retail
» Delivering Q1 2017
» 241 New Residents Projected
» 8 Retail Jobs Projected
7. The FUTURE of DOWNTOWN BELLEVUE
6
16
Plaza Center Residences
» 260 Apartment Units
» 3,500 SF Retail
» Delivering Q4 2018
» 408 New Residents Projected
» 10 Retail Jobs Projected
17
Main Street Flats – Phase II
» 162 Apartment Units
» 5,200 SF Retail
» Delivering Q4 2018
» 254 New Residents Projected
» 15 Retail Jobs Projected
» Phase I Delivered June 2015
» 90% leased as of 9/30/2016
18
888 108th Tower
» 157 Apartment Units
» 2,750 SF Retail
» Delivering Q1 2018
» 246 New Residents Projected
» 7 Retail Jobs Projected
19
Vuecrest Apartments
» 135 Apartment Units
» 2,500 SF Retail
» Delivering Q4 2017
» 260 New Residents Projected
» 7 Retail Jobs Projected
20
11210 Tower
» 258 Apartment Units
» 15,000 SF Retail
» Delivering Q2 2019
» 492 New Residents Projected
» 36 Retail Jobs Projected
8. The FUTURE of DOWNTOWN BELLEVUE
7
42,400
48,973
49,980
50,977
53,025
12,500
13,708
14,943
16,633
19,589
10,000
12,000
14,000
16,000
18,000
20,000
22,000
40,000
42,000
44,000
46,000
48,000
50,000
52,000
54,000
2016 2017 2018 2019 2020
Bellevue CBD Total Employment vs. Total Population
Total CBD Jobs Total CBD Population
3,500,000
3,582,325
3,764,825
3,994,324
4,171,324
7,100
7,317
7,773
8,343
8,764
6,000
8,000
10,000
3,000,000
3,200,000
3,400,000
3,600,000
3,800,000
4,000,000
4,200,000
2016 2017 2018 2019 2020
Bellevue CBD Retail Inventory vs. Total Retail Jobs
Total Retail SF Total Retail Jobs
9. The FUTURE of DOWNTOWN BELLEVUE
8
EMERGING BELLEVUE MARKET
7,000
RESIDENTS
Added from 2016 to 2020 in
Downtown Bellevue alone
(projection based on 95% occupancy)
4,500
UNITS
Added to Downtown Bellevue
from 2016 to 2020
(assuming all projects with active
proposals move forward)
1,400
UNITS
Added to Downtown Bellevue’s
Multifamily Market from
2015 to 2016
33,000
36,221 36,614 36,981
40,577
7,100
7,317 7,773 8,343
8,764
0
10,000
20,000
30,000
40,000
50,000
60,000
2016 2017 2018 2019 2020
Bellevue CBD Total Employment Projections
Colliers International Estimates
Office Jobs Hotel Jobs Retail Jobs Other Jobs
37,498 38,398 39,320 40,264 41,230
5,713 5,747 5,781 5,816 5,851
-
10,000
20,000
30,000
40,000
50,000
60,000
2016 2017 2018 2019 2020
Bellevue CBD Total Employment Projections
Puget Sound Regional Council Estimates
Finance, Insurance, Real Estate, Services
Manufacturing, Wholesale, Trade, Utilities
Retail
Government, Education
Construction, Resources
10. The FUTURE of DOWNTOWN BELLEVUE
9
ECONOMIC GROWTH SCENARIO
Year Office Jobs Retail Jobs Hotel Jobs Total Jobs New Residents Total Residents
2016 33,000 7,100 800 42,400 1,051 12,500
2017 39,333 7,317 808 48,973 1,235 13,551
2018 39,726 7,773 955 49,980 1,690 14,786
2019 40,093 8,343 1,007 50,977 2,956 16,476
2020 41,644 8,764 1,067 53,025 376 19,432
5-Year Change % 26% 23% 33% 25% 6,932 55%
Annual Change 5.2% 4.7% 6.7% 5.0% 1,386 11.1%
Assumes: office towers lease up to 90% two quarters post-delivery, Expedia jobs remain until end of 2019 and are replaced by beginning of
2020, retail = 95-100% leased, multifamily leases up to 95% occupancy, and all permitted projects move forward.
12,500
13,551
14,786
16,476
19,432
8,150
9,040
9,562
11,361
12,158
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
10,000
12,000
14,000
16,000
18,000
20,000
2016 2017 2018 2019 2020
Bellevue CBD Total Population vs. Total Multifamily Inventory
(Growth Scenario)
Total CBD Population Total CBD Units
800 808 955 1,007 1,067
33,000
39,333 39,726 40,093 41,644
7,100
7,317 7,773 8,343
8,764
1,500
1,515 1,526 1,534
1,551
0
10,000
20,000
30,000
40,000
50,000
60,000
2016 2017 2018 2019 2020
Bellevue CBD Total Employment by Sector (Growth Scenario)
Hotel Jobs Office Jobs Retail Jobs Other Jobs
11. The FUTURE of DOWNTOWN BELLEVUE
10
12,500
13,551
14,786
16,476
19,432
33,000
39,333
39,726
40,093
41,644
30,000
32,000
34,000
36,000
38,000
40,000
42,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
17,000
18,000
19,000
20,000
2016 2017 2018 2019 2020
Bellevue CBD Total Population vs. Total Office Jobs
(Growth Scenario)
Total CBD Population Office Jobs
800 808
955
1,007
1,067
7,100
7,317
7,773
8,343
8,764
600
700
800
900
1,000
1,100
1,200
6,000
6,500
7,000
7,500
8,000
8,500
9,000
2016 2017 2018 2019 2020
Bellevue CBD Total Hotel/Accomodation Jobs vs. Total Retail Jobs
(Growth Scenario)
Hotel Jobs Retail Jobs
12. The FUTURE of DOWNTOWN BELLEVUE
11
801,000
627,300
847,800
391,500
354,000
720,000
300,000
82,325
180,000
208,699
280,000288,000
549,750
195,000 225,000
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2016 2017 2018 2019*
Bellevue CBD Development Delivery Timeline
Total Bldg. SF Added per Year per Property Type
(Growth Scenario)
Multifamily Office Retail Hotel
3,500,000
3,582,325
3,764,825
3,994,324
4,171,324
8,150
9,040
9,562
11,361
12,158
3,140 3,140
3,873
4,133
4,433
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
3,000,000
3,200,000
3,400,000
3,600,000
3,800,000
4,000,000
4,200,000
4,400,000
2016 2017 2018 2019 2020
Residential - Retail - Hotel Correlation Overview
Multifamily vs. Retail vs. Hotel Inventory Development
(Growth Scenario)
Total Retail SF Total Multifamily Units Hotel Rooms
* Development pipeline projected to Q4 2019 to estimate population and jobs at the start of 2020.
13. The FUTURE of DOWNTOWN BELLEVUE
12
ECONOMIC SLOWDOWN SCENARIO
Year Office Jobs Retail Jobs Hotel Jobs Total Jobs New Residents Total Residents
2016 33,000 7,100 800 42.400 1,248 12,500
2017 33,165 7,310 804 42.610 732 13,350
2018 36,357 7,716 951 46.355 996 13,748
2019 38,310 7,805 956 48.397 426 14,898
2020 38,118 7,817 947 48.409 168 15,686
5-Year Change % 16.0% 10% 18% 14% 3,571 25%
Annual Change 3.1% 2.0% 3.7% 2.8% 714 5.1%
Includes: new office towers (minus Centre 425 as it is 100% leased to Amazon) to 85% leased, Expedia jobs leave by end of 2019, multifam-
ily leases up to 85% occupancy, retail = 90% leased, and some projects do not move forward this cycle
800 804 951 956 947
33,000 33,165
36,357 38,310 36,118
7,100 7,310
7,716
7,805
7,817
1,500 1,508
1,515
1,521
1,526
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
2016 2017 2018 2019 2020
Bellevue CBD Total Employment Overview by Sector
(Slowdown Scenario)
Hotel Jobs Office Jobs Retail Jobs Other Jobs
14. The FUTURE of DOWNTOWN BELLEVUE
13
12,500
13,350
13,748
14,898
15,686
33,000
33,165
36,357
38,310
36,118
30,000
31,000
32,000
33,000
34,000
35,000
36,000
37,000
38,000
39,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
2016 2017 2018 2019 2020
Bellevue CBD Total Population vs. Total Office Jobs (Slowdown Scenario)
Total CBD Population Office Jobs
8,150
9,040
9,562
10,272
10,576
12,500
13,350
13,748
14,898
15,686
10,000
12,000
14,000
16,000
18,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
2016 2017 2018 2019 2020
Bellevue CBD Total Population vs. Total Multifamily Inventory
(Slowdown Scenario)
Total CBD Units Total CBD Population
15. The FUTURE of DOWNTOWN BELLEVUE
14
42,400
42,610
46,355
48,397
46,409
12,500
13,350
13,748
14,898
15,686
12,000
13,000
14,000
15,000
16,000
40,000
41,000
42,000
43,000
44,000
45,000
46,000
47,000
48,000
49,000
2016 2017 2018 2019 2020
Bellevue CBD Total Population vs. Total Employment
(Slowdown Scenario)
Total CBD Jobs Total CBD Population
800 804
951
956
947
7,100
7,310
7,716
7,805 7,817
700
750
800
850
900
950
1,000
7,000
7,100
7,200
7,300
7,400
7,500
7,600
7,700
7,800
7,900
2016 2017 2018 2019 2020
Bellevue CBD Total Hotel Jobs vs. Total Retail Jobs
(Slowdown Scenario)
Hotel Jobs Retail Jobs
16. The FUTURE of DOWNTOWN BELLEVUE
15
3,500,000
3,582,325
3,764,825 3,788,625 3,809,8248,150
9,040
9,562
10,272 10,576
3,140 3,140
3,873 3,873 3,873
-
2,000
4,000
6,000
8,000
10,000
12,000
3,000,000
3,100,000
3,200,000
3,300,000
3,400,000
3,500,000
3,600,000
3,700,000
3,800,000
3,900,000
4,000,000
2016 2017 2018 2019 2020
Residential - Retail - Hotel Correlation Overview
Multifamily vs. Retail vs. Hotel Development
(Slowdown Scenario)
Retail SF Total CBD Units Hotel Rooms