eastside office market overview - broderick group · pdf fileeastside office market overview...

Commercial Real Estate Services 10500 NE 8th Street, Suite 900 | Bellevue broderickgroup.com

Eastside Office Market Overview Year End 2015

http://www.broderickgroup.com

http://www.broderickgroup.com/

broderickgroup.com | pg. 2

EASTSIDE MARKET SUMMARY

While vacancy rates across the entire Eastside Office Market “treaded water” in 2015 (essentially unchanged at 10.75%), the year was other-wise positive from the aspect of pre-leasing in new construction.

The recent fears of an over-built Bellevue CBD have somewhat eased in the face of 1.5 million RSF under construction, and at a time when Expedia has announced it is vacating 465,000 RSF. While only 120,000 RSF of the new construction is pre-leased, we have seen a significant increase in activity with an additional 570,000 RSF of tenants consid-ering the new buildings. This is coupled with a strong possibility that Expedia may extend their leases in downtown Bellevue well past the new construction deliveries. Both of these recent occurrences have swung forecasts to seriously consider the possibility that new demand may absorb a much larger percentage of the pending delivery of supply in downtown Bellevue than had been previously estimated.

While the Bellevue CBD is hopefully regaining its footing, the suburban Eastside markets appear headed for strong increases in rental rates and potential competition for smaller spaces by tenants. This is expect-ed because those markets are experiencing very little new construction and post low vacancies, such as Kirkland’s 6.3% or I-90’s 8.1%.

Easts ide Off ice Market Overv iew Year End 2015

Seattle Office600 University Street, Suite 2220Seattle, Washington 98101Main. 206.838.5775Fax. 206.838.7640

Bellevue Office10500 NE 8th Street, Suite 900Bellevue, Washington 98004Main. 425.646.3444Fax. 425.646.3443

Please visit broderickgroup.com for all available properties




https://www.linkedin.com/company/broderick-group

https://twitter.com/broderickgroup


EASTSIDE OFFICE MARKET SNAPSHOT

Entire Eastside Market

Class A Buildings - Entire Eastside Market

Class A CBD

Class A+ CBD *

Total SF: 33,697,920Vacant SF: 3,622,706Vacant %: 10.75%Asking Rates: $31.80/SF, GAbsorption YTD: (21,289) SF

Total SF: 14,974,768Vacant SF: 1,688,970Vacant %: 11.28%Asking Rates: $35.93/SF, GAbsorption YTD: (167,993) SF

Total SF: 7,754,175Vacant SF: 1,002,638 Vacant %: 12.93% Asking Rates: $40.39/SF, GAbsorption YTD: (25,411) SF

Total SF: 3,163,184Vacant SF: 50,549Vacant %: 1.60%Asking Rates: $46.49/SF, GAbsorption YTD: 16,799 SF

Entire Eastside Market

Class A Buildings

Class A CBD

Class A+*

* Bellevue Place, Civica Office Commons, The Bravern, City Center Plaza, Key Center, Lincoln Square





Q1 2015 - Q4 2015 NOTABLE EASTSIDE TRANSACTIONS (YTD)

Ref # Building Submarket RSF Qtr Tenant Name New / Renewal /

Expansion

Kirkland Urban North Kirkland 92,000 4th Tableau Software New

One Newport I-90 Corridor 89,850 4th AAA of Washington New

Kirkland Urban Central Kirkland 88,000 4th Wave Broadband New

929 Office Tower Bellevue CBD 84,794 4th salesforce.com NewOverlake Medical Pavillion

Suburban Bellevue 24,792 4th Eating Recovery Center New

Willow Creek Corporate Center Redmond 23,917 4th TEKSystem New

Eastgate Office Park I-90 Corridor 23,773 4th Seagull Scientific New

Twilight Center SR-520 23,638 4th BluePrint Consulting New

Trulia Center Bellevue CBD 22,408 4th Lumedx Corporation Renewal

Plaza Yarrow Bay SR-520 17,599 4th American Tire New

Sixty Acres Redmond 67,072 3rd Volt Information Sciences Renewal

Redmond Technology Center Redmond 34,350 3rd Pushpay Expansion

Bellevue Place Bellevue CBD 29,907 3rd Bank of America Renewal

112th @ 12th Bellevue CBD 29,803 3rd Overlake Hospital NewWillows Ridge Tech Center Redmond 28,199 3rd Xerox Relocation/

Downsize112th @ 12th Bellevue CBD 23,515 3rd AXIA Financial New

Civica Office Commons Bellevue CBD 23,222 3rd Morgan Stanley Smith Barney Financial Renewal

Key Center Bellevue CBD 22,449 3rd Regus Renewal

Redmond Woods SR-520 20,458 3rd Spur Group Sublease

112th @ 12th Bellevue CBD 19,635 3rd Society Consulting Sublease/ New

112th @ 12th Bellevue CBD 18,222 3rd Tier 3 ExpansionRedmond East Business Campus Redmond 16,681 3rd Tech Mahindra New

Plaza Yarrow Bay SR-520 14,355 3rd Windermere Services Company Renewal

Bellevue Corporate Plaza Bellevue CBD 14,339 3rd Dreambox New

Bellevue Place Bellevue CBD 13,518 3rd Insight Global Expansion/ Relocation

Third Quarter 2015

Fourth Quarter 2015


Expansion

1 Newport Tower I-90 34,830 1st T-Mobile Expansion

2 Key Center Bellevue CBD 30,166 1st FM Global Renewal

3 One Bellevue Center Bellevue CBD 29,661 1st Southern Wine New

4 I-405 Corporate Center Suburban Bellevue 27,366 1st Eagle Home Mortgage Renewal

5 Sunset Corporate Campus I-90 24,602 1st SolutionsStar New

6 Redmond Technology Center Redmond 15,837 1st Denali Advanced

Integration New

7 Northstream Building Kirkland 14,507 1st Cardiac Dimensions Renewal

8 Northwest Tech Center Redmond 36,062 4th SpaceX New

9 Key Center Bellevue CBD 26,500 4th UBS Renewal

10 400 Lincoln Square Bellevue CBD 25,316 4th Polpat, LLC New

11 Bellevue Corporate Plaza Bellevue CBD 24,759 4th Jacobs Engineering Renewal/

Expansion12 Bellevue Place Bellevue CBD 19,319 4th Smartsheet Expansion

13 Lincoln Executive Center I-90 18,319 4th CDM Smith Renewal/

Downsize

14 Key Center Bellevue CBD 243,429 3rd Concur Renewal/ Expansion

15 Sammamish Park Place I-90 176,000 3rd Costco New

16 Key Center Bellevue CBD 34,380 3rd Merrill Lynch Renewal

17 Sunset Corporate Campus I-90 30,922 3rd Healthways, Inc. Renewal

18 Summit II Office Park Bellevue CBD 23,293 3rd Limeaid New

19 Tower 333 Bellevue CBD 22,363 3rd Expedia Renewal

20 Plaza East Bellevue CBD 22,000 3rd Bernston Porter New

21 Sterling Plaza I I-90 20,285 3rd Synology New

22 Northcreek - Building D Bothell 20,202 3rd Banner Bank Renewal/

Expansion23 Carillon Point Kirkland 19,679 3rd GoDaddy Expansion

24 Carillon Point Kirkland 18,572 3rd Taiyo Pacific Partners Renewal

25 Plaza East Bellevue CBD 18,459 3rd Apptio Renewal/ Expansion

26 Gateway 112 / Bellefield

Suburban Bellevue 18,222 3rd CW Title Company New

27 Northcreek - Building Q Bothell 18,000 3rd Progressive Insurance Renewal

28 Eastgate Office Park I-90 16,277 3rd Exponent Renewal

29 Sterling Plaza I I-90 15,093 3rd f5 Networks Renewal

Third Quarter 2014

Fourth Quarter 2014

First Quarter 2015

Transactions negotiated by Broderick Group


Expansion

Redmond East Business Campus Redmond 109,753 2nd Terex Renewal/

ExpansionCommons on 90 I-90 74,215 2nd REI New

Touchstone Kirkland Kirkland 33,096 2nd WB Games RenewalWillows Commerce Park Redmond 28,265 2nd Labcorp New

Lincoln Executive Center I-90 22,161 2nd Agilysys Renewal/

ExpansionRedmond East Business Campus Redmond 20,506 2nd Data I/O New

112th @ 12th Bellevue CBD 20,276 2nd Audience Science NewWillow Creek Corporate Center Redmond 17,457 2nd Everbank New

Bellevue Technology Center

Suburban Bellevue 15,573 2nd Hitachi Consulting New

112th @ 12th Bellevue CBD 14,618 2nd Guidant Financial New

Newport Tower I-90 34,830 1st T-Mobile Expansion

Key Center Bellevue CBD 30,166 1st FM Global Renewal

One Bellevue Center Bellevue CBD 29,661 1st Southern Wine New

I-405 Corporate Center Suburban Bellevue 27,366 1st Eagle Home Mortgage Renewal

Sunset Corporate Campus I-90 24,602 1st SolutionsStar New

Redmond Technology Center Redmond 15,837 1st Denali Advanced

Integration New

Northstream Building Kirkland 14,507 1st Cardiac Dimensions Renewal

First Quarter 2015

Transactions negotiated by Broderick Group

Second Quarter 2015

LEASING ACTIVITYLeasing activity in the 4th quarter was strong, with major leases such as Salesforce.com at 929 Building (85,000 RSF, moving the majority of their staff from Seattle to downtown Bellevue), as well as Tableau Software (92,000 RSF) and Wave Broadband (88,000 RSF), both preleases at Talon’s planned Kirkland Urban buildings (formerly known as Kirkland Park Place in downtown Kirkland). Additionally, approximately 570,000 RSF of tenants are considering the new construction in downtown Bellevue, increasing confi-dence in the ultimate success for all three new buildings. AAA of Washington recently purchased One Newport (90,000 RSF), removing one of the few large remaining I-90 blocks from the market.

If there is a complaint, it is that the Eastside lacks a “goliath” who will further drive absorption. Microsoft has been that large tenant in past Eastside market cycles. Despite the absence of our goliath, the Eastside continues to diversify and prosper, but the lack of a large driver in our market will severely limit new construction in this cycle.





Eastside Office MarketNew Construction vs. Net Absorption, 2004 - 2018

(* Projected)

Eastside Office MarketVacancy Percentage and Average Gross Rental Rates

(* Projected)

Squ

are

Fee

t (S

F)

Vac

ancy

(%

)

Eastside Office Market Class A and BNew Construction vs. Net Absorption

1996-2009

0

240,

898

43,9

72

876,

341

1,63

6,05

9

1,51

7,16

4

366,

185

303,

376

0 0 0

462,

000

514,

000 81

0,00

0

705,

000

437,

189

1,96

3,99

5

562,

135

587,

440

418,

303

303,

848

248,

285

791,

606

508,

036

233,

439

921,

018

(21,

289)

675,

000

800,

000

525,

000

(350,000)

150,000

650,000

1,150,000

1,650,000

New Construction Net Absorption

16.6%

10.4%

8.6%9.3%

12.7%

15.9% 16.0%

14.4%

12.9%12.2%

9.4%

10.8%10.1% 9.9%

10.2%

$23.11 $23.30

$27.73

$32.13 $32.58

$28.31$28.32

$28.18$29.18

$29.65$30.59

$31.80$32.45

$33.15 $33.15

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 *2016 *2017 *2018Market Vacancy % Average Gross Rental Rate

VACANCY RATES

The overall Eastside vacancy of 10.75% is unimpressive. Downtown Bellevue vacancy increased to 12.8% after enjoying sub 10% vacancies since year 2012. This jump was due to the 462,000 RSF that the 929 Building added to inventory at the end of the year. Once Salesforce and other pending leases record vacancy, this will reverse temporarily until the other two new buildings deliver at the end of 2016 and early 2017. From that point, Bellevue CBD vacancies should remain high for at least 2016 and 2017. Conversely, the suburban markets are continuing to improve, posting low vacancies such as Kirkland (6.3%), I-90 (8.1%), Redmond (7.4%) and Bellevue Suburban (9%).

RENTAL RATES: CURRENT & PROJECTED

DOWNTOWN BELLEVUE: While there certainly are positive trends for the new construction in downtown Bellevue, there is still a large amount of space to be absorbed. Increased competition among new and existing buildings could push rental rates down over the course of 2016 in the Bellevue CBD.

If the current leasing activity in the CBD converts to actual leases, we expect the new construction rental rates will hold. However, if those leases do not record, and/or other demand does not surface, many land-lords will drop rents in downtown Bellevue. Current starting rental rates for the new construction buildings range from $33-$41 NNN, depending on the project, floor height, views, etc. Existing best in class product has experienced similar rental rates ($32-$39 NNN). The new construc-tion supply has brought a halt to increasing rents that were enjoyed by downtown landlords the past four years, and the jury is still out whether rents will actually decrease in 2016 as the competition increases with the new deliveries.

Year

Average G

ross Rental R

ate ($)

Year





Eastside Office Market (Historical)Vacancy Percentage by Submarket, 2008 - 2015

Eastside Office Market (Current)Vacancy Percentage by Submarket

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Bellevue CBD Bellevue Suburban SR-520 Corridor I-90 Corridor Kirkland Redmond Bothell/Kenmore Mercer Island

2009 2010 2011 2012 2013 2014 2015

12.8%

9.0%

10.6%

8.1%

6.3%

7.4%

14.9%

9.2%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Bellevue CBD

Bellevue Suburban

SR-520 Corridor

I-90 Corridor

Kirkland

Redmond

Bothell/Kenmore

Mercer Island

Current Vacancy

2015 YEAREND

SUBURBAN EASTSIDE MARKETS: With a vast

discrepancy between rents and parking costs between

downtown Bellevue and the rest of the Eastside

submarkets, the value driven tenants have been active

in the Eastside suburbs.

By way of example, at an I-90 Class A building, a tenant

can achieve a starting rent of $33/SF, fully serviced

(inclusive of operating expenses), and annual parking

costs range from free to $3 per RSF, per year. In a

downtown Bellevue Class A building, starting rents can

be $47/SF, fully serviced (including operating expenses

that average approximately $2.00 per RSF more

than suburban buildings), and parking costs can add

approximately $7.25 per RSF (if the employer is paying

for parking). The total annual cost difference can be

$21.00 per RSF, per year (or rental costs that are as

much as 64% higher annually in downtown Bellevue

compared to an I-90 Class A office building four miles

to the south).

Before this cycle, such a discrepancy has never existed

between downtown Bellevue and Eastside suburban

markets. It is reasonable to forecast 10% increases to

rates for the suburban markets during the course of

2016, given the very low vacancy rates and very little

new construction in suburban markets.

RENTAL RATES: CURRENT & PROJECTED(CONT.)





1

2

3

Bellevue Gateway 405 Eastgate Corporate Center

The majority of the Eastside investment sale activity occurred in the suburban markets, as almost all of the downtown core has already traded hands this cycle. Currently, the only prime downtown asset that is being marketed for sale is Symetra Center, which is under contract and scheduled to close this quarter. That would leave Walton Street with Trulia Center as their last remain-ing Eastside asset following their large Archon debt acqui-sition in 2011.

Suburban Class A properties that may trade are two Beacon Capital properties, Sunset North and Eastgate Office Park. Sunset North may go into contract shortly and

Eastgate Office Park will be on the market mid-January 2015. Both are quality suburban office parks, with significant upside in rents given the I-90 tight vacancy rate of 8.1% and no new prod-uct coming to market in the coming years.

• Walton Street decided they were better off selling the Gate-way buildings individually rather than packaged. Sanmar purchased the multi-tenant office building Bellevue Gate-way 405 at a price of $285 per RSF, adding to their invest-ment holdings along the 405 Corridor.

• Crown Pointe, on SR-520, was sold by Steelwave (formerly Legacy) to TA Associates for $276 per RSF.

• Eastgate Corporate Center, on I-90, is being purchased by an investor for $339 per foot, demonstrating that smaller

buyers will pay premium prices for small, older suburban product with potential rent upside.

• One Newport, on I-90, is scheduled to close January 28, 2016 at a price of approximately $330 per RSF. AAA of Washington is the buyer and will occupy the majority of the building. They will sell or lease Bellefield Office Park, their current building.

• Fana Corporation purchased the Tri-State Building for $21,500,000, a healthy $809 per SF price on the land. Fana has submitted permitting requests to the City of Bellevue for two high rise residential towers on that site, including a hotel. They also own the adjoining site through a prior purchase.

Eastside Sale ComparablesFourth Quarter 2015

Crown Pointe

INVESTMENT SALES SUMMARY

Eastside Comps- Q42015

PRICING MATRIXSALE PERCENT APPROX. SQUARE INITIAL PRICE

PROPERTY BUYER SELLER DATE LEASED SALES PRICE FEET CAP RATE PER SF

Tri-State Building Fana Corporation Tom Agostino 12/2015 100% $21,500,000 26,587 N/A $809

1 Crown Pointe TA Realty Steelwave 10/2015 92% $35,925,000 130,000 N/A $276

2 Bellevue Gateway 405 SanMar Corporation Walton Street Capital 9/2015 63% $9,875,000 34,703 N/A $285

One Newport Tri-State Building





Project Name Class Submarket Square Footage

Developer Scheduled

Completion Date % Pre-Leased SF Leased

Under Construction

Google/Kirkland A Kirkland 160,000 SRM Jan-16 100% 160,000

Centre 425 A Bellevue CBD 354,000 Schnitzer West Dec-16 0% 0

400 Lincoln Square A Bellevue CBD 710,000 Kemper Development Nov-16 4% 25,000

Planned Projects

Spring District - Phase IBlock 16

A Bellevue Suburban 325,000 Wright Runstad 2017 0% 0

Spring District - GIX A Bellevue Suburban 100,000 Wright Runstad 2017 100% 100,000

Kirkland Urban North A Kirkland 190,000 Talon 2018 48% 91,906

Kirkland Urban Central A Kirkland 190,000 Talon 2018 46% 87,564

New Office Development Projects

Eastside New DevelopmentsCurrent & Planned New Developments for the EastsideNEW CONSTRUCTION

As referenced previously, the Eastside is experiencing steady leasing, but lacks a goliath, such as Amazon or Microsoft, seeking large blocks of space. As a result, many planned projects will remain on the shelf through this cycle. In the last construction boom (2005-2009), the Eastside added 4.7 million SF.

With Microsoft growth outside of their owned campus absent, the Eastside will add approximately 2.5 million SF in this cycle. This number will change if Microsoft chooses to join the speculative leasing market again, an unlikely expectation at this time.

The 2.5 million SF of construction is mostly contained to retail / amenity rich areas such as downtown Bellevue. There, the recently delivered 929 Building (462,000 RSF) will be followed by Schnitzer’s 425 Centre (354,000 RSF) and Kemper Development’s 400 Lincoln Square (710,000 RSF), both set to deliver end of 2016 to early 2017.

The other submarket seeing development is downtown Kirkland. In Kirkland, Talon has found great pre-leasing success with their two planned office buildings at Kirkland Park Place (now called Kirkland Urban), which are both approximately 47% pre-leased. It is very likely the Spring

Nine Two Nine Kirkland Urban North400 Lincoln SquareCentre 425

District may also land other pre-leases from large tenants due to the tight suburban market and the success of the already announced 100,000 RSF pre-lease by Global Innovation Exchange (GIX), a partnership between UW, Tsinghua University in China, and Microsoft.

Kirkland Urban Central





Bellevue New DevelopmentsAerial of Current & Planned New Developments in Bellevue

Nine Two Nine

400 Lincoln Square

Centre 425

Summit III

Lincoln Square

Expansion

Nine Two Nine Office

Tower

Centre 425

Summit III

Lake Washington

Downtown Bellevue

The Spring DistrictPhase I

The Spring District





Eastside Office Market OverviewHistorical Summary 2004 - Year End 2015

Forecast 2016 - 2018EASTSIDE MARKET FORECAST

With significant new construction still to be delivered, Eastside developers

are fortunate that the economy continues to be strong and steady job

growth numbers appear in place for 2016. 2016 will certainly be pivotal

for downtown Bellevue. Will 570,000 SF of current demand actually sign

leases for new space? Will there be another 850,000 SF of demand that

will surface over the next two years to make those projects already under

construction successful? Our answers to those questions depend on the

direction of our local and national economies.

As we have learned from the past, there is significant reason to remain

cautious as we enter the 7th year of an economic expansion. These

cycles don’t last forever and when they do change, the turn is usually

sudden. However, our projections for 2016 have the suburban markets

enjoying their best year since 2007 due to exceptional rental rate growth

and continuing declining vacancies.

Lack of large suburban blocks of space will continue to help push growing

tenants towards downtown Bellevue. The downtown Bellevue new devel-

opment projects are delivering highly desirable quality office product; the

first since 2008. Tech tenants, in particular, seek the absolute best office

choices to compete for expensive employee talent and the new develop-

ment projects downtown will continue to see interest from tenants relocat-

ing from Seattle and Eastside suburban markets. 2016 is headed towards

a successful outcome for area landlords and developers, while tenants

will finally have a better selection of new product.

Eastside Office Market Class A and B 2004-2018

Year Avg. Gross Rental Rate

Year-End Inventory

New Construction

Vacant Square Feet

Net Absorption

(Year to Date)

Vacancy Rate

Annual Growth

2004 $23.11 28,251,925 0 4,687,467 437,189 16.6% 1.5%

2005 $23.30 28,492,823 240,898 2,964,370 1,963,995 10.4% 6.9%

2006 $27.73 28,536,795 43,972 2,446,207 562,135 8.6% 2.0%

2007 $32.13 29,413,136 876,341 2,735,108 587,440 9.3% 2.0%

2008 $32.58 31,049,195 1,636,059 3,952,864 418,303 12.7% 1.3%

2009 $28.31 32,566,359 1,517,164 5,166,480 303,848 15.9% 0.9%

2010 $28.32 32,932,544 366,185 5,284,380 248,285 16.0% 0.8%

2011 $28.18 33,235,920 303,376 4,801,910 791,606 14.4% 2.4%

2012 $29.18 33,235,920 0 4,293,874 508,036 12.9% 1.5%

2013 $29.65 33,235,920 0 4,060,435 233,439 12.2% 0.7%

2014 $30.59 33,235,920 0 3,139,417 921,018 9.4% 2.8%

2015Yearend $31.80 33,697,920 462,000 3,622,706 (21,289) 10.8% -0.1%

2016 $32.45 34,211,920 514,000 3,461,706 675,000 10.1% 2.0%

2017 $33.15 35,021,920 810,000 3,471,706 800,000 9.9% 2.3%

2018 $33.15 35,726,920 705,000 3,651,706 525,000 10.2% 1.5%

Projected 2015-2018 Total New Construction

Average Vacant SF

Total Net Absorption

Average Vacancy

Average Growth

2,029,000 3,528,373 2,000,000 10.1% 1.9%

Notes:

2 Vacant square feet and total absorption statistics provided by CoStar. Includes direct and sublease space.3 New supply 2015-2018 is product of known projects and estimated probability of completion/financing based on average vacancy of 2 years (BGI)4 All data are from end of the year specified.5 Annual growth is net absorption divided by inventory.6 Data from January 6, 2016 (Year End).

Projected - End of Year

1 Quarter end inventory, Eastside (including Issaquah/Coal Creek), Class A&B office, 10,000 SF and greater buildings (CoStar). Excludes owner/user buildings





Eastside Office MarketVacancy Percentage and Average Gross Rental Rates

(* Projected)

Vac

ancy

(%

)

16.6%

10.4%

8.6%9.3%

12.7%

15.9% 16.0%

14.4%

12.9%12.2%

9.4%

10.8%10.1% 9.9%

10.2%

$23.11 $23.30

$27.73

$32.13 $32.58

$28.31$28.32

$28.18$29.18

$29.65$30.59

$31.80$32.45

$33.15 $33.15

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 *2016 *2017 *2018Market Vacancy % Average Gross Rental Rate

Year

Average G

ross Rental R

ate ($)Easts ide Off ice Market Overv iew Year End 2015

AppendixDetailed Charts & Graphs




Eastside Office MarketNew Construction vs. Net Absorption, 2004 - 2018

(* Projected)

Squ

are

Fee

t (S

F)

Eastside Office Market Class A and BNew Construction vs. Net Absorption

1996-2009

0

240,

898

43,9

72

876,

341

1,63

6,05

9

1,51

7,16

4

366,

185

303,

376

0 0 0

462,

000

514,

000 81

0,00

0

705,

000

437,

189

1,96

3,99

5

562,

135

587,

440

418,

303

303,

848

248,

285

791,

606

508,

036

233,

439

921,

018

(21,

289)

675,

000

800,

000

525,

000

(350,000)

150,000

650,000

1,150,000

1,650,000

New Construction Net Absorption

Year






Eastside Office Market (Current)Vacancy Percentage by Submarket

12.8%

9.0%

10.6%

8.1%

6.3%

7.4%

14.9%

9.2%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Bellevue CBD

Bellevue Suburban

SR-520 Corridor

I-90 Corridor

Kirkland

Redmond

Bothell/Kenmore

Mercer Island

Current Vacancy

2015 YEAREND






Eastside Office Market (Historical)Vacancy Percentage by Submarket, 2008 - 2015

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Bellevue CBD Bellevue Suburban SR-520 Corridor I-90 Corridor Kirkland Redmond Bothell/Kenmore Mercer Island

2009 2010 2011 2012 2013 2014 2015






165 113 107 65 25

Number of Available Spaces1 - 2,499 2,500 - 4,999 5,000 - 9,999 10,000 - 19,999 20,000 - 49,999 50,000 - 99,999 100,000 +

50,000 - 99,999 SF

100,000+ SF

20,000 - 49,999 SF

Bravern I 929Building

Sammamish ParkPlace / Building B

112th @ 12th /East Building

Monte Villa Farms /3303 Building

112th @ 12th /South Building

90 East /Building C

112th @ 12th /West Building

8

11

1 - 2,499 SF 2,500 - 4,999 SF 5,000 - 9,999 SF

10,000 - 19,999 SF

Number of Buildings with Contiguous Blocks of Available Space in Each Square Foot Category

Eastside Office MarketContiguous Blocks of Space

Coal Creek/IssaquahBellevue CBD BothellSUBMARKET:






Eastside Submarket Historical Overview2004 - Present

Eastside Submarket Overview2004 - 2015


Year End Inventory

New Construction

Vacant Square Feet Net Absorption Vacancy Rate Annual

Growth2004 $29.09 5,755,954 0 972,509 264,490 16.9% 4.6%2005 $28.35 5,996,852 240,898 566,999 646,408 9.5% 10.8%2006 $32.54 5,996,852 0 308,124 258,875 5.1% 4.3%2007 $38.12 6,536,852 540,000 443,867 404,257 6.8% 6.2%2008 $39.36 6,951,816 414,964 726,094 132,737 10.4% 1.9%2009 $34.38 8,282,995 1,331,179 1,104,113 953,160 13.3% 11.5%2010 $32.86 8,282,995 0 1,214,486 (110,373) 14.7% -1.3%2011 $32.15 8,282,995 0 1,113,182 101,304 13.4% 1.2%2012 $34.91 8,282,995 0 767,717 345,465 9.2% 4.3%2013 $36.47 8,282,995 0 660,398 107,319 8.0% 1.2%2014 $38.24 8,282,995 0 651,950 8,448 7.9% 0.1%2015

Year End $39.71 8,744,995 462,000 1,120,038 (6,088) 12.8% -0.1%


Year End Inventory

New Construction


Growth2004 $19.77 4,012,857 0 406,573 92,787 10.2% 2.2%2005 $21.59 4,012,857 0 259,748 146,825 6.5% 3.7%2006 $25.50 4,046,655 33,798 375,072 (81,526) 9.2% -1.9%2007 $30.30 4,046,655 0 345,303 29,769 8.5% 0.7%2008 $30.72 4,090,195 43,540 389,936 (1,093) 9.5% 0.0%2009 $26.91 4,107,937 17,742 471,562 (63,884) 11.5% -1.6%2010 $29.60 4,151,937 44,000 488,531 27,031 11.7% 0.6%2011 $29.47 4,341,937 190,000 736,383 (57,852) 16.9% -1.3%2012 $31.41 4,341,937 0 715,149 21,234 16.4% 0.5%2013 $30.87 4,341,937 0 581,507 133,642 13.4% 3.0%2014 $32.03 4,341,937 0 519,929 61,578 12.0% 1.4%2015

Year End $32.75 4,769,689 427,752 427,752 92,177 9.0% 1.9%


Year End Inventory

New Construction


Growth2004 $17.76 3,298,776 0 559,504 125,962 17.0% 3.8%2005 $20.52 3,298,776 0 461,222 98,282 14.0% 3.0%2006 $23.32 3,298,776 0 317,953 143,269 9.6% 4.3%2007 $28.10 3,298,776 0 139,312 178,641 4.2% 5.4%2008 $28.56 3,298,776 0 307,169 (167,857) 9.3% -5.1%2009 $25.94 3,298,776 0 499,646 (192,477) 15.1% -5.8%2010 $24.73 3,298,776 0 596,157 (96,511) 18.1% -2.9%2011 $24.95 3,298,776 0 510,909 85,248 15.5% 2.6%2012 $25.67 3,298,776 0 432,001 78,908 13.1% 2.4%2013 $25.52 3,298,776 0 299,888 132,113 9.1% 4.0%2014 $28.24 3,298,776 0 336,865 (36,977) 10.2% -1.1%2015

Year End $30.29 3,298,776 0 350,178 (13,313) 10.6% -0.4%


Year End Inventory

New Construction


Growth2004 $21.82 3,940,481 0 556,222 121,714 14.1% 3.1%2005 $23.22 3,940,481 0 357,584 198,638 9.1% 5.0%2006 $30.01 3,940,481 0 230,491 127,093 5.8% 3.2%2007 $34.60 3,940,481 0 265,017 (34,526) 6.7% -0.9%2008 $35.50 4,576,803 636,322 690,460 210,879 15.1% 4.6%2009 $31.04 4,576,803 0 775,582 (85,122) 17.0% -1.9%2010 $30.37 4,742,123 165,320 771,320 169,582 16.2% 3.6%2011 $29.78 4,742,123 0 532,991 238,329 11.2% 5.0%2012 $29.77 4,742,123 0 610,165 (77,174) 12.9% -1.6%2013 $30.27 4,742,123 0 829,114 (218,949) 17.5% -4.6%2014 $30.29 4,742,123 0 520,607 308,507 11.0% 6.5%2015

Year End $31.38 4,742,123 0 386,322 134,285 8.1% 2.8%

BELLEVUE CBD

BELLEVUE SUBURBAN

SR-520 CORRIDOR

I-90 CORRIDOR


SEATTLE

RENTON

ISSAQUAH

ELLIOT BAY

SEATAC

KIRKLAND

BOTHELL

BAINBRIDGE ISLAND

EVERETT

LYNNWOOD

SHORELINE

PUGET SOUND

SNOHOMISH

REDMOND

BELLEVUESUBURBAN SAMMAMISH

LAKE WASHINGTON

KENT

TUKWILA

LAKE SAMMAMISH

MERCER ISLAND

BELLEVUECBD

520 CORRIDOR

I-90 CORRIDOR





Year End Inventory

New Construction


Growth2004 $22.60 2,696,431 0 332,756 29,310 12.8% 4.2%2005 $25.80 2,696,431 0 196,777 135,979 7.3% 5.5%2006 $29.24 2,696,431 0 304,656 (107,879) 11.0% -3.7%2007 $31.77 2,696,431 0 232,770 71,886 7.3% 3.7%2008 $33.44 2,965,381 268,950 442,454 59,266 13.3% 0.6%2009 $27.67 3,028,347 62,966 665,956 (160,536) 19.0% -4.3%2010 $28.51 3,028,347 0 545,129 120,827 19.1% -0.1%2011 $26.98 3,028,347 0 384,379 160,750 14.0% 5.1%2012 $27.10 3,028,347 0 324,931 59,448 12.2% 1.8%2013 $30.22 3,028,347 0 247,761 77,170 10.7% 1.6%2014 $28.10 3,028,347 0 232,550 15,211 7.7% 0.5%2015

Year End $29.67 3,028,347 0 191,794 40,756 6.3% 1.3%


Year End Inventory

New Construction


Growth2004 $18.30 3,432,777 0 972,979 (248,385) 25.4% -7.8%2005 $18.27 3,432,777 0 556,776 416,203 15.3% 10.1%2006 $20.32 3,442,951 10,174 352,148 214,802 11.0% 4.5%2007 $28.09 3,442,951 0 264,054 88,094 8.3% 2.8%2008 $29.71 3,650,210 207,259 403,782 67,531 11.9% 2.0%2009 $25.98 3,650,210 0 725,117 (321,335) 21.3% -9.5%2010 $25.91 3,734,769 84,559 624,533 185,143 17.9% 5.3%2011 $27.04 3,777,009 42,240 594,722 77,811 16.9% 2.2%2012 $25.37 3,777,009 0 568,995 25,727 16.1% 0.7%2013 $25.35 3,777,009 0 511,068 57,927 14.5% 1.6%2014 $25.23 3,777,009 0 388,132 122,936 10.3% 3.3%2015

Year End $26.26 3,777,009 0 278,717 109,415 7.4% 2.9%


Year End Inventory

New Construction


Growth2004 $21.40 2,857,784 0 761,419 48,189 23.7% 2.0%2005 $21.35 2,857,784 0 527,590 233,829 15.6% 8.1%2006 $24.52 2,857,784 0 502,556 24,434 16.6% -1.0%2007 $25.42 3,166,725 308,941 920,162 (108,665) 29.2% -4.6%2008 $25.87 3,215,846 49,121 923,662 46,021 30.9% -0.6%2009 $23.75 3,321,123 105,277 772,035 256,904 25.4% 7.7%2010 $23.50 3,321,123 0 739,517 32,518 23.9% 1.5%2011 $22.52 3,321,123 0 581,509 158,008 17.6% 6.3%2012 $23.24 3,321,123 0 635,778 (54,269) 19.3% -1.7%2013 $23.49 3,321,123 0 562,482 73,296 17.4% 1.9%2014 $24.36 3,321,123 0 317,980 244,502 9.6% 7.4%2015

Year End $25.65 3,321,123 0 496,494 (178,514) 14.9% -5.4%


Year End Inventory

New Construction


Growth2004 $25.89 482,390 0 15,098 17,183 3.1% 3.6%2005 $26.09 482,390 0 3,281 11,817 0.7% 2.4%2006 $27.28 497,390 15,000 3,241 40 0.7% 3.0%2007 $31.53 497,390 0 21,465 (18,224) 4.3% -3.7%2008 $34.20 497,390 0 28,377 (6,912) 5.7% -1.4%2009 $29.71 497,390 0 39,866 (11,489) 9.9% -4.2%2010 $28.26 497,390 0 53,564 (13,698) 11.2% -1.3%2011 $29.66 497,390 0 42,886 10,678 9.5% 1.7%2012 $32.28 497,390 0 30,183 12,703 6.1% 3.4%2013 $32.72 497,390 0 29,438 745 5.9% 0.1%2014 $35.55 497,390 0 39,304 (9,866) 7.9% -2.0%2015

Year End $33.38 497,390 0 45,939 (6,635) 9.2% -1.3%

MERCER ISLAND

REDMOND

BOTHELL

KIRKLAND




Year End Inventory

New Construction


Growth2004 $29.09 5,755,954 0 972,509 264,490 16.9% 4.6%2005 $28.35 5,996,852 240,898 566,999 646,408 9.5% 10.8%2006 $32.54 5,996,852 0 308,124 258,875 5.1% 4.3%2007 $38.12 6,536,852 540,000 443,867 404,257 6.8% 6.2%2008 $39.36 6,951,816 414,964 726,094 132,737 10.4% 1.9%2009 $34.38 8,282,995 1,331,179 1,104,113 953,160 13.3% 11.5%2010 $32.86 8,282,995 0 1,214,486 (110,373) 14.7% -1.3%2011 $32.15 8,282,995 0 1,113,182 101,304 13.4% 1.2%2012 $34.91 8,282,995 0 767,717 345,465 9.2% 4.3%2013 $36.47 8,282,995 0 660,398 107,319 8.0% 1.2%2014 $38.24 8,282,995 0 651,950 8,448 7.9% 0.1%2015

Year End $39.71 8,744,995 462,000 1,120,038 (6,088) 12.8% -0.1%


Year End Inventory

New Construction


Growth2004 $19.77 4,012,857 0 406,573 92,787 10.2% 2.2%2005 $21.59 4,012,857 0 259,748 146,825 6.5% 3.7%2006 $25.50 4,046,655 33,798 375,072 (81,526) 9.2% -1.9%2007 $30.30 4,046,655 0 345,303 29,769 8.5% 0.7%2008 $30.72 4,090,195 43,540 389,936 (1,093) 9.5% 0.0%2009 $26.91 4,107,937 17,742 471,562 (63,884) 11.5% -1.6%2010 $29.60 4,151,937 44,000 488,531 27,031 11.7% 0.6%2011 $29.47 4,341,937 190,000 736,383 (57,852) 16.9% -1.3%2012 $31.41 4,341,937 0 715,149 21,234 16.4% 0.5%2013 $30.87 4,341,937 0 581,507 133,642 13.4% 3.0%2014 $32.03 4,341,937 0 519,929 61,578 12.0% 1.4%2015

Year End $32.75 4,769,689 427,752 427,752 92,177 9.0% 1.9%


Year End Inventory

New Construction


Growth2004 $17.76 3,298,776 0 559,504 125,962 17.0% 3.8%2005 $20.52 3,298,776 0 461,222 98,282 14.0% 3.0%2006 $23.32 3,298,776 0 317,953 143,269 9.6% 4.3%2007 $28.10 3,298,776 0 139,312 178,641 4.2% 5.4%2008 $28.56 3,298,776 0 307,169 (167,857) 9.3% -5.1%2009 $25.94 3,298,776 0 499,646 (192,477) 15.1% -5.8%2010 $24.73 3,298,776 0 596,157 (96,511) 18.1% -2.9%2011 $24.95 3,298,776 0 510,909 85,248 15.5% 2.6%2012 $25.67 3,298,776 0 432,001 78,908 13.1% 2.4%2013 $25.52 3,298,776 0 299,888 132,113 9.1% 4.0%2014 $28.24 3,298,776 0 336,865 (36,977) 10.2% -1.1%2015

Year End $30.29 3,298,776 0 350,178 (13,313) 10.6% -0.4%


Year End Inventory

New Construction


Growth2004 $21.82 3,940,481 0 556,222 121,714 14.1% 3.1%2005 $23.22 3,940,481 0 357,584 198,638 9.1% 5.0%2006 $30.01 3,940,481 0 230,491 127,093 5.8% 3.2%2007 $34.60 3,940,481 0 265,017 (34,526) 6.7% -0.9%2008 $35.50 4,576,803 636,322 690,460 210,879 15.1% 4.6%2009 $31.04 4,576,803 0 775,582 (85,122) 17.0% -1.9%2010 $30.37 4,742,123 165,320 771,320 169,582 16.2% 3.6%2011 $29.78 4,742,123 0 532,991 238,329 11.2% 5.0%2012 $29.77 4,742,123 0 610,165 (77,174) 12.9% -1.6%2013 $30.27 4,742,123 0 829,114 (218,949) 17.5% -4.6%2014 $30.29 4,742,123 0 520,607 308,507 11.0% 6.5%2015

Year End $31.38 4,742,123 0 386,322 134,285 8.1% 2.8%

BELLEVUE CBD

BELLEVUE SUBURBAN

SR-520 CORRIDOR

I-90 CORRIDOR



SEATTLE

RENTON

ISSAQUAH

ELLIOT BAY

SEATAC

KIRKLAND

BOTHELL

BAINBRIDGE ISLAND

EVERETT

LYNNWOOD

SHORELINE

PUGET SOUND

SNOHOMISH

REDMOND


LAKE WASHINGTON

KENT

TUKWILA

LAKE SAMMAMISH

MERCER ISLAND

BELLEVUECBD

520 CORRIDOR

I-90 CORRIDOR





1 Inventory includes Class A&B office, 10,000 SF and greater buildings.2 Excludes Owner / User buildings.3 All data are from end of the quarter / year specified.4 Annual growth is net absorption divided by inventory.5 Data current as of end of year - January 6, 2016.




Year End Inventory

New Construction


Growth2004 $22.60 2,696,431 0 332,756 29,310 12.8% 4.2%2005 $25.80 2,696,431 0 196,777 135,979 7.3% 5.5%2006 $29.24 2,696,431 0 304,656 (107,879) 11.0% -3.7%2007 $31.77 2,696,431 0 232,770 71,886 7.3% 3.7%2008 $33.44 2,965,381 268,950 442,454 59,266 13.3% 0.6%2009 $27.67 3,028,347 62,966 665,956 (160,536) 19.0% -4.3%2010 $28.51 3,028,347 0 545,129 120,827 19.1% -0.1%2011 $26.98 3,028,347 0 384,379 160,750 14.0% 5.1%2012 $27.10 3,028,347 0 324,931 59,448 12.2% 1.8%2013 $30.22 3,028,347 0 247,761 77,170 10.7% 1.6%2014 $28.10 3,028,347 0 232,550 15,211 7.7% 0.5%2015

Year End $29.67 3,028,347 0 191,794 40,756 6.3% 1.3%


Year End Inventory

New Construction


Growth2004 $18.30 3,432,777 0 972,979 (248,385) 25.4% -7.8%2005 $18.27 3,432,777 0 556,776 416,203 15.3% 10.1%2006 $20.32 3,442,951 10,174 352,148 214,802 11.0% 4.5%2007 $28.09 3,442,951 0 264,054 88,094 8.3% 2.8%2008 $29.71 3,650,210 207,259 403,782 67,531 11.9% 2.0%2009 $25.98 3,650,210 0 725,117 (321,335) 21.3% -9.5%2010 $25.91 3,734,769 84,559 624,533 185,143 17.9% 5.3%2011 $27.04 3,777,009 42,240 594,722 77,811 16.9% 2.2%2012 $25.37 3,777,009 0 568,995 25,727 16.1% 0.7%2013 $25.35 3,777,009 0 511,068 57,927 14.5% 1.6%2014 $25.23 3,777,009 0 388,132 122,936 10.3% 3.3%2015

Year End $26.26 3,777,009 0 278,717 109,415 7.4% 2.9%


Year End Inventory

New Construction


Growth2004 $21.40 2,857,784 0 761,419 48,189 23.7% 2.0%2005 $21.35 2,857,784 0 527,590 233,829 15.6% 8.1%2006 $24.52 2,857,784 0 502,556 24,434 16.6% -1.0%2007 $25.42 3,166,725 308,941 920,162 (108,665) 29.2% -4.6%2008 $25.87 3,215,846 49,121 923,662 46,021 30.9% -0.6%2009 $23.75 3,321,123 105,277 772,035 256,904 25.4% 7.7%2010 $23.50 3,321,123 0 739,517 32,518 23.9% 1.5%2011 $22.52 3,321,123 0 581,509 158,008 17.6% 6.3%2012 $23.24 3,321,123 0 635,778 (54,269) 19.3% -1.7%2013 $23.49 3,321,123 0 562,482 73,296 17.4% 1.9%2014 $24.36 3,321,123 0 317,980 244,502 9.6% 7.4%2015

Year End $25.65 3,321,123 0 496,494 (178,514) 14.9% -5.4%


Year End Inventory

New Construction


Growth2004 $25.89 482,390 0 15,098 17,183 3.1% 3.6%2005 $26.09 482,390 0 3,281 11,817 0.7% 2.4%2006 $27.28 497,390 15,000 3,241 40 0.7% 3.0%2007 $31.53 497,390 0 21,465 (18,224) 4.3% -3.7%2008 $34.20 497,390 0 28,377 (6,912) 5.7% -1.4%2009 $29.71 497,390 0 39,866 (11,489) 9.9% -4.2%2010 $28.26 497,390 0 53,564 (13,698) 11.2% -1.3%2011 $29.66 497,390 0 42,886 10,678 9.5% 1.7%2012 $32.28 497,390 0 30,183 12,703 6.1% 3.4%2013 $32.72 497,390 0 29,438 745 5.9% 0.1%2014 $35.55 497,390 0 39,304 (9,866) 7.9% -2.0%2015

Year End $33.38 497,390 0 45,939 (6,635) 9.2% -1.3%

MERCER ISLAND

REDMOND

BOTHELL

KIRKLAND


SEATTLE

RENTON

ISSAQUAH

ELLIOT BAY

SEATAC

KIRKLAND

BOTHELL

BAINBRIDGE ISLAND

EVERETT

LYNNWOOD

SHORELINE

PUGET SOUND

SNOHOMISH

REDMOND


LAKE WASHINGTON

KENT

TUKWILA

LAKE SAMMAMISH

MERCER ISLAND

BELLEVUECBD

520 CORRIDOR

I-90 CORRIDOR




Year Building Name Class Submarket Developer Size Pre-Lease % SF Leased Lead Tenant

2007Lincoln Square A CBD Kemper Development 542,000 100% 542,000 Eddie Bauer/MicrosoftWoodlands Tech Campus - Bldg 1 A Bothell TIAA Realty 85,111 60% 51,066 Evergreen HospitalBothell Professional Bldg A Bothell First Western Development 48,000 83% 40,000 Fey and Gray/UW Bothell160th Street A Bothell Seawest Investment 30,000 50% 15,000 Travel AgentHyla Crossing A Issaquah Rowley 27,583 100% 27,583 John L. Scott145th Place A I-90 Nelson/Connell 27,250 100% 27,250 Champions CentreCanyon Pointe B Bothell Arden 175,000 100% 175,000 T-MoblieKamber Corporate Center B I-90 Colpitts Development 50,000 100% 50,000 Bright HorizonsRedmond Ridge - Building 18 B Redmond PacTrust 41,750 102% 42,750 Triumph Aerospace

1,026,694 95% 970,649

2008Advanta - Phase I & II A I-90 Schnitzer 600,000 100% 600,000 MicrosoftTower 333 A CBD Hines/Washington Capital 412,000 95% 403,000 Expedia, PokemonLakeview Plaza A & B A Kirkland SRM 133,000 100% 133,000 GoogleRedmond River Park A Redmond Trammell Crow/ING 107,000 65% 70,000 Group HealthLegacy Corporate Center A Redmond Legacy 103,000 0% 0Sammamish Ridge A Kirkland Mastro 92,000 0% 0Waterfront Place A Kirkland Goodman 54,521 84% 46,000 First HorizonThe Pathways A I-90 Pathway Partnership 17,552 40% 7,020Kendall Lake - Snoqualmie Ridge B I-90 OPUS 60,000 0% 0Redmond Ridge - Building 19 B Redmond PacTrust 40,000 0% 0Five Corners B Bel-Red Mastro 31,000 100% 31,000 Minecode

1,650,073 78% 1,290,020

2009City Center Plaza A CBD Beacon Capital 572,000 100% 572,000 El Gaucho, MicrosoftThe Bravern - Phase II A CBD Schnitzer 500,000 100% 500,000 MicrosoftThe Bravern - Phase I A CBD Schnitzer 250,000 100% 250,000 MicrosoftSchnitzer - North Creek A Bothell Schnitzer 103,000 100% 103,000 VertaforeLakeview Plaza - Building C A Kirkland SRM 62,000 100% 62,000 GoogleNorthwest Tech Center B Redmond Wiley 72,000 0% 0

1,559,000 95% 1,487,000

2010Two Newport A I-90 Bentall 165,000 100% 165,000 T-MoblieBear Creek Commons A Redmond Hammes 86,000 100% 86,000 Swedish Medical CenterHighmark Medical Center A Issaquah Highmark 46,000 91% 41,860 Multiple Medical UsersLake Hills Village B Bellevue Sub Cosmos 44,000 5% 2200

341,000 87% 295,060

2011Overlake Medical Pavilion A Bellevue Sub Healthcare Realty Trust 190,000 16% 30,000 ProAllianceEvergreen Medical Facility A Redmond Merlino 42,240 100% 42,240 Evergreen Hospital

232,240 31% 72,240

2012 - 2014No new construction

2015Nine Two Nine A CBD Trammell Crow 462,000 0% 84,794 Salesforce.com

Historical

Eastside Office MarketHistorical Office Supply Statistics (2007 - 2015)

Nine Two Nine Bravern

City Center Plaza Lakeview Plaza / Google

Two Newport Lake Hills Village




Commercial Real Estate Services Eastside Seattle Puget Sound Area

@broderickgroup.com

Broderick Group, Inc. is a Seattle and Bellevue based commercial real estate services firm which specializes in office, high-tech, and industrial leasing and sales.

Bellevue Office10500 NE 8th Street, Suite 900Bellevue, Washington 98004Main. 425.646.3444Fax. 425.646.3443

Seattle Office600 University Street, Suite 2220Seattle, Washington 98101Main. 206.838.5775Fax. 206.838.7640

Broderick Group, Inc. is founded on the same principles:

Uncompromised FocusTeam ApproachQuality People

Value Added Services

The name of the company is derived from Henry Broderick, a revered Seattle area commercial realtor from 1908 to 1975. Henry Broderick was known for a passionate commitment to the representation of his clients and to the community in which he lived.

Website & Available Properties List: broderickgroup.com

Email Addresses: @broderickgroup.com

@broderickgroup broderick-group

Steve Hendersone: henderson@

Kelly Breedt e: kelly@

Al Hodgee: hodge@

Paul Jeruee: jerue@

John Blacke: black@

Lauren Chierichettie: lauren@

Jennifer Chunge: jennifer@

John Coombs e: coombs@

Jason Furre: furr@

Jim Kinerke: kinerk@

Chris Langere: langer@

David Markse: david@

Damon McCartneye: mccartney@

Eric Meussner e: meussner@

Oscar Oliveirae: oscar@

Connor Olsene: olsen@

Chris Rohrbache: rohrbach@

Matt Schrecke: schreck@

Tyler Slonee: slone@

Maggie Slonee: maggie@

Paul Sweeney e: sweeney@

Tony Ulaciae: ulacia@

Lauren Vane: laurenv@

Grant Yerkee: yerke@

Jeff Watson e: watson@

Zach Zaborowskie: zach@







mailto:henderson%40broderickgroup.com?subject=

mailto:kelly%40broderickgroup.com?subject=

mailto:hodge%40broderickgroup.com?subject=

mailto:jerue%40broderickgroup.com?subject=

mailto:black%40broderickgroup.com?subject=

mailto:lauren%40broderickgroup.com?subject=

mailto:jennifer%40broderickgroup.com?subject=

mailto:coombs%40broderickgroup.com?subject=

mailto:furr%40broderickgroup.com?subject=

mailto:kinerk%40broderickgroup.com?subject=

mailto:langer%40broderickgroup.com?subject=

mailto:david%40broderickgroup.com?subject=

mailto:mccartney%40broderickgroup.com?subject=

mailto:meussner%40broderickgroup.com?subject=

mailto:oscar%40broderickgroup.com?subject=

mailto:olsen%40broderickgroup.com?subject=

mailto:razore%40broderickgroup.com?subject=



eastside office market overview - broderick group · pdf fileeastside office market overview...

Documents