This article first appeared in Realogics Sotheby’s International Realty’s 2023 Forecast Report. To get your digital or print copy of this comprehensive look at the Pacific Northwest’s ever-changing residential real estate landscape click here.
The blocks under construction and cranes high above the Bellevue skyline are hard to miss—signs of growth and change are still to come. Not only will these new towers shape the skyline, but their spaces at street level will also bring new life to those blocks.
Today, the 410-acre heart of Bellevue, less than two percent of the city’s land area, is the state’s second-largest city center and among North America’s most dynamic urban neighborhoods. Downtown is a dense hub of workspaces, hotels, retail, restaurants, and home to nearly 15,000 residents. It has been a stunning transformation just five decades in the making.
More than two million square feet of offices are under construction, adding to the two million recently completed, most of it currently leased to Amazon. Thanks to the Pacific Northwest’s quality of life and the legacy of leading companies, Downtown Bellevue is a thriving center for global talent and technology innovation. Beyond downtown, the fundamentals of Bellevue are exceptional: a collaborative city government, top-notch health care, excellent access to jobs, a superb school district, and residents reflecting the world’s diversity.
Like downtowns everywhere, we face the critical question of “what next?” How will those office towers be used in light of remote work and changing needs? The short (and admittedly easy) answer is that we don’t exactly know. The occupancy pace will slow, and the expected growth in daily office trips will take longer than expected. The nearly seven million square feet of projects in the development pipeline may also change to a different type of project or stretch out their timelines. As the economy and tenants find their footing, Downtown Bellevue is well-positioned to adapt.
Discover more | Bellevue Downtown Development Pipeline →
The BDA aggregates information from the City of Bellevue’s quarterly Major Projects Report, permitting activity, project websites and member input. This map pinpoints major projects either under construction or planned for redevelopment in Bellevue’s downtown.
Discover more | Bellevue Downtown Development Pipeline →We expect demand to grow for what downtown already offers, especially in retail, dining, and visitor experiences. The next three years will be extraordinary as the major office projects open, each with new ground-floor tenant spaces for shops, restaurants, and other small businesses. We will strengthen access with regional light rail service at the Bellevue Downtown and East Main stations, along with four other stations serving the city. We will make strides on the Grand Connection through downtown, along with designs for an iconic bridge crossing I-405 to Wilburton and Eastrail. Our community will take hundreds of smaller actions to enhance downtown’s livability, parks, and cultural attractions.
The core of the city will continue to be a beating heart for our larger regional economy. Although thousands of units are already planned, the demand for housing of all types will grow, not just downtown but throughout Bellevue and the Eastside. Affordability will be a top issue impacting every Puget Sound community. And historically, the focused planning and investments that spurred growth in our region’s downtowns have led to solutions and opportunities.
The creative process of “city-building” itself requires perseverance for a long game. Nowhere is this clearer than in Downtown Bellevue, where change occurs on nearly every corner. The measure will be how well we plan and care for its resilience over time. Downtown’s complexity, with its evolving blend of buildings, culture, innovation, and community, is precisely what makes it an attractive place that can bring simple joy and better connections to everyday life. Take the family to KidsQuest Children’s Museum. Go for dinner on Main Street. Visit Bellevue Arts Museum. Lounge with popcorn at a movie in Lincoln Square. We invite you to find your joy and something new in the heart of Bellevue.