Bellevue office buildings shed $1.61 billion in value as vacancy rate surges

Downtown Bellevue’s office market has declined sharply, with property values dropping $1.61 billion from 2022 to 2025 as vacancy rates surged from 3.3% to 23.2%. The article also reports that Seattle’s office crisis is worse, with the city leading the nation at 37% vacancy and a $15 billion property value loss since 2020—a regional economic trend affecting the broader Puget Sound area where many Burien residents work.