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Investment firm reports second-highest rental rate increase for Bellevue skyline market
Real estate investment firm Jones Lang LaSalle reports Bellevue's skyline market has recorded its second highest year-over year increase in rental rates, coming in second in the nation for rental increases behind only San Francisco.
Skyline sales in Bellevue were recorded at $2.9 billion since 2005. However, no sales were recorded in 2013, which JLL states was a year focused on land and development acquisitions. The skyline direct vacancy in 2013 dropped to 3.9 percent in Bellevue, the lowest direct vacancy among the 43 city skylines tracked by JLL.
Due in part to its low vacancy rates, rents stand currently at $41.49 per square foot, which is a 9.2 percent year-over-year increase, the second-highest with San Francisco in first place.
“While no Bellevue Skyline buildings traded hands in 2013, rising rental rates have pushed up values,” said Steve Schwartz, managing director at JLL, in a news release. “There is an abundance of capital seeking real estate assets and Bellevue’s very strong market fundamentals will increase investor interest and continue to push cap rates down.”