Growth in the Seattle-Bellevue real estate market has been recognized nationally, and the region has established itself as major real estate power house on the West Coast. A recent market snapshot by global brokerage group JLL highlights just how significant that growth has been; in the first quarter of 2017 the Seattle-Bellevue market had a higher net absorption than the entire West Coast combined.
In square footage, the region’s total year-to-date net absorption totaled nearly 1.9 million square feet. The Seattle-Bellevue market was compared to other major West Coast cities including Oakland-East Bay, Orange County, North Bay, San Francisco Peninsula, Sacramento, Silicon Valley, Portland, San Francisco and Los Angeles. In total, the West Coast had 1,827,181 square feet of net absorption with the exception of the Seattle-Bellevue market, which came in at 1,880,156.
The JLL snapshot found that 1.3 million square feet of Class A space was delivered in the first quarter of this year with another 3.3 million square feet expected to be delivered by the end of the year. This marks the fifth straight year that the market will have over two million square feet of positive net absorption with tenants continuing to occupy new deliveries to the market.
For the remainder of the West Coast markets included in JLL’s snapshot, San Diego had 195,924 square feet of net absorption, Oakland-East Bay had 195,065 square feet, Orange County with 158,249 square feet, North Bay had 28,813 square feet, San Francisco Peninsula had 25,704 square feet, Sacramento with -41,785 square feet, Silicon Valley with -95,788, Portland with -107,390 square feet, San Francisco had -118,294 square feet and Los Angeles with -293,473 square feet.