Seattle Economy?

What's going on up there? Bellevue still a barren wasteland of empty commercial real estate?

I was just wondering, as I haven't been around Seattle in a while (lived there 99-01, visited summer 02)... but we were talking about maybe applying for some law internships there this next summer, as I might split the summer between an offer I have right now. But I've noticed that several big firms there cut their starting salaries by as much as $25k, so things must have cooled a bit. Of course, my in-laws moved because of the Boeing layoffs (engineer) so that was a sign of things.

But what's the overall vibe there in the city now?

 

Hello,

As a local Bellevue resident I can tell you that office vacancies are still high, but beginning to improve. The problem with commercial space in Bellevue has always been that few companies keep their HQ here, so when things slow down they move out of town.

On the law front my attorney friends tell me that the derth of dot-coms has reduced the work load drastically and eliminated many branch offices of Silicon Valley and East coast firms. There is a resulting glut of law graduates and a corresponding drop in entry salaries.

If you are open to it, you could take your law degree and try another field like banking. Right now in Seattle there are more jobs in banking than there are qualified candidates. I have one friend who has done this successfully, and has been promoted much faster than his non-lawyer collegues.

Many other businesses also regularly hire attorneys to work in their legal deptartments, as well as with field sales and marketing departments.

My opinions only. Not to be construed as expert advice. Follow at your own risk.


Dave C.

 

The economy in Bellevue is looking up for sure. Commercial construction on Lincoln Plaza is back under way (Kemper Freeman has pemission now to put foot traffic bridges over NE 8th and Bell-Way connecting all his commercial properties), Whole Foods is building a mega store off 116th, Marriot is Building another Hotel on NE 8th, Group Health corporate and hospital is relocating to Overlake Hospital area, and announced that they will be injecting over 1 Billion dollars into our city over the next few years with building and jobs. There has been a trend for Seattle based business' to relocate to Bellevue because companies go where executives live. John L. Scott and Key Bank are a couple good examples.

In the last 6 months, 26 homes have sold priced between $1 million and $1.4 Million, just in a few square miles of West Bellevue. Not to mention all the homes prices above that. A couple homes above $30 million are still on the market however.

my $.02


Todd

 

and .............. how about building Ferrari of Bellevue in the corner of 8th and 110th??

Someone is trying to compete with local dealer here ???

 

Boeing announced 7E7 final assembly to be done in Everett. That should boost the local economy a bit.

 

Shelbee is that true? I'm suprised FNA would go for that so close to FoS.

 

Let's just say Shelbee's not a fan of FoS.

 

How are real estate prices on the Eastside compared to '01? Holding steady, or up?