Commercial Real Estate Market in Bellevue, WA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
313 active listings and 1,581 off-market properties in Bellevue, WA. Commercial property asks $652/SF to buy and $33.42/SF/Yr to lease.
Market Trends
Bellevue, WA spans 35.7 square miles in King County, Washington. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Bellevue, WA runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Bellevue, WA runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Bellevue, WA runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily vacancy in Bellevue, WA runs 8.6% across the West region in 2025, up from 7% in 2022.
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 84%
- Commercial 11%
- Mixed use 3.1%
- Industrial 1%
Largest Zones share of zoned land by district
Suburban Residential 4
Suburban Residential 2
Large Lot Residential 1
Suburban Residential 1
Large Lot Residential 2
Bellevue, WA zones 21,550 acres across 65 districts. Commercial zoning covers 11% of zoned land, residential 84% and industrial 1%. The largest single district is Suburban Residential 4 at 26.6%. For commercial buyers the practical constraint is that only 12% of land carries a commercial or industrial designation.
Suburban Residential 4 (SR-4)
Residential districts provide for a range of low to high density residential environments and associated compatible activities depending on location and scale of residential density
Market overview
Demographics & Economy
Bellevue, WA has 156,962 residents in 67,602 households. Density runs 4,393 people per square mile. Median household income here is $169,934 and median gross rent $2,586 a month.
156,962
Population
67,602
Households
2.3
Avg Household Size
38
Median Age
72%
College-Educated
96%
High-School Grad
35.7 sq mi
ZIP Area
4,393
Density / Sq Mi
$169,934
Median Household Income
$94,470
Median Earnings
$2,586
Median Rent
$1,369,628
Median Home Value
Tools
Lease vs Buy Breakeven
At $33.42/SF/Yr lease vs $652/SF buy → buying wins if held > 9.2 years.
At a 5.1% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Kirkland | — | $38.69 |
| Mercer Island | — | — |
| Redmond | — | $27.98 |
| Issaquah | — | $41.50 |
Commercial property in Bellevue, WA asks $652/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Bellevue?
Commercial property in Bellevue, WA asks an average of $652 per square foot.
How much does it cost to lease commercial space in Bellevue?
Asking lease rates in Bellevue, WA average $33.42 per square foot per year.
Is it cheaper to lease or buy commercial space in Bellevue?
Buying beats leasing in Bellevue, WA if the property is held longer than 9.2 years, comparing $33.42/SF/Yr asking rent with $652/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
What zoning applies to commercial property in Bellevue?
Bellevue, WA zones 21,550 acres across 65 districts, of which 11% is commercial and 1% industrial. The largest single district is Suburban Residential 4 at 26.6% of zoned land. Residential districts provide for a range of low to high density residential environments and associated compatible activities depending on location and scale of residential density Residential zoning covers 84% and open space 0%.
Where does Realmo's Bellevue market data come from?
Realmo compiles Bellevue, WA figures from 64 active sale listings, 249 active lease listings, 1,581 tracked off-market properties, the current Bellevue zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 64 active for-sale and 249 active for-lease listings in Bellevue, WA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 21,550 zoned acres across 65 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at West region level, retail vacancy is reported at West region level and industrial vacancy is reported at West region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
