What Amazon in Bellevue Means for Our Housing Market

In case you missed it, Amazon is officially expanding to the Eastside! Back in August there were rumors that Apple and Amazon were looking to add offices across Lake Washington. A recent article from The Seattle Times confirmed Amazon will be returning to its Bellevue roots to lease a space much larger than the garage where it started 22 years ago. The online retail mogul will be the new (and only) tenants of Centre 425, a 16-story building in downtown Bellevue that is due to be completed this fall.

Amazon has already invested billions of dollars in its Seattle campus that occupies 8.5 million square feet in and around South Lake Union. This desirable location has attracted many young creatives in the area, as evidenced by the fact that the company currently employs more than 25,000 people in Seattle. The Bellevue office is expected to accommodate over 2,200 people. Considering the success of other Eastside-based companies such as Microsoft and Valve, Amazon will not have a problem recruiting that amount of local tech talent for Centre 425.

Right now it is unclear why Amazon is deviating from its original plan to develop in more urban areas like Seattle. GeekWire speculates it could be a way to cater to employees who already live on the Eastside or an attempt to lure in talent from Expedia once it relocates from Bellevue to Seattle in 2019.

What does this mean for our local housing market?

Whatever the reason for Amazon’s expansion, it will certainly make the Eastside even more attractive for tech employees and have an impact on our housing market. Although the median home price is lower in Seattle, inventory remains higher on the Eastside. Amazon’s location in Bellevue will allow prospective employees to focus their search on the Eastside and give employees currently living here an incentive to stay.

Read the full article from The Seattle Times.

Posted on October 26, 2016 at 5:58 pm
Dana Landry | Category: Housing Market News

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