WeWork Adds to Seattle Presence with Two New Leases

WeWork, an international co-working space provider, is greatly adding to its Emerald City footprint, as a recent report by Colliers International reveals that WeWork signed the two largest leases in Seattle in the second quarter of 2018, securing 120,000 square feet of office space at Metropolitan Park East, and an additional 115,000 at 1201 3rd Avenue. Seattle ranked tenth on the list of the nation’s top office markets, but its performance is quite stellar given the strength of WeWork and e-commerce giant Amazon.

Google Continues to Cement its Presence in South Lake Union’s Tech Hub

Exciting news came from Google on August 14th, as Puget Sound Business Journal broke the story that the search engine giant is working with Vulcan Inc. to build a fifth office building for the company in the fast-growing South Lake Union neighborhood where it already has four in construction. The new building will stand 12 stories tall and complement the “Lakefront Blocks,” which will top 607,000 square feet of office space with apartments for rent.

Seattle Office Rents Are Fastest Rising in the Nation

As Mike Rosenberg of Seattle Times reports, “it’s not just housing prices: Seattle is not the bargain it used to be for companies, either.” Though the Emerald City was historically a bargain compared to other larger cities, “the city’s recent boom driven by Amazon and other tech companies has propelled Seattle up the ranks of the nation’s most expensive places to rent an office, passing Chicago and Los Angeles just in the last three years.” During the three year period, Seattle office rents increased a staggering 31 percent, “about 2 ½ times faster than the national average.”

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Aaron Freeman