Seattle Virtual Office Space Demand Continues - Bscofficespace

Seattle Virtual Office Space Demand Continues

Saturday, January 6th, 2018

Virtual Office Space


In 2017, Seattle continued as a favorite “office space rental market” for investors from all over the world. One attraction by those investing in the Seattle office space venue is Washington states low taxes, and more affordable office rents when compared to other areas including San Francisco and New York. Among the tech companies that controls a significant amount of office space in Seattle are Amazon, Facebook, and Microsoft.

But how about 2018? What are the future trends in Seattle’s office space rental market?

Why Will Seattle Real Estate Keep Developing?
Seattle is one of the hottest real estate markets in the nation. Investors bet on Seattle to continue its growth in the future, especially in virtual offices. Among the key reasons will include Seattle’s limited office space inventory.

With a talented workforce now based in Seattle, some tech companies are leaving Silicon Valley and heading to Seattle. The Emerald City is already recognized as a city whose population is highly-tech-educated proving an excellent human resource for growing tech companies. As tech companies migrate to the city, the real estate industry will also boom with the construction of new commercial buildings and options involving Seattle office space rentals.

Growing Tech Companies Are Driving The Office Rental Market
Developing technology firms are competing for the best space in Seattle. Here, of course, it’s Amazon that gets the lead and dictates the pace. Last spring, F5 Networks, signed a lease for 28 floors in the Mark, a 48-floor office building in downtown Seattle.

Even with over 6 million square feet of office space in the works in the metropolitan area, space seems to be disappearing. Among other competitors, F5 Networks was rivaling with the tech-giant Amazon and other tech companies currently expanding in their respective Seattle markets and include tech giants Google, Facebook, and Microsoft.

Tech firms originated the concept of going into cool, creative space, but they signify a higher percentage of the real estate’s leasing activity. Tenants in these firms leased over 8.5 million square feet of premier buildings in the US last year. In the last quarter of 2017, Amazon accommodated five of the top seven leases in Seattle.

What Trends Will Impact The Seattle Market In 2018
Seattle’s 2017 has been noted by a steady office demand from tech firms and with no end in sight as more people continue to migrate to the area from all over the globe. Here are some trends that will impact the city in 2018.

  • Growing Interest In Smaller Cities
    According to reports from ULI and PwC Emerging Markets, smaller markets are expected to attract real estate investment in 2018. This is due to low cost and a young, skilled workforce. Seattle is listed as one of the top markets for real estate based on its manpower, cost, tech industry, and other relevant factors. These smaller and secondary markets have had higher rates of immigration from gateway cities, boosting strong population growth.
  • Growing Population
    Investors will keep finding opportunities in Seattle to address the growing population. More office and transit-oriented developments will be provided to address traffic problems. However, the increase in population has led to several problems, such as traffic and expensive housing. The manpower is expected to increase by 34,000 new households for 2017. This will lead to more challenges in housing, schools, and congestion.
  • Tech Growth
    The tech and biotech industries of the city are expected to grow continuously. The biggest challenge now is to provide the office space required by startup and subsidiary firms as they grow. Tech companies are moving into the city’s central business district as the Lake Union submarket saturates. The central business district (CBD) has a vacancy rate of 11.3%. The shift could keep pushing the office rents higher in 2018.

Considering a Seattle Virtual Office?
A Seattle virtual office like that offered by Business Service Center, Inc, is a physical business office space that can be utilized whenever needed. There are simply times that it just doesn’t make sense for businesses to invest in a full-time BSC office space. 

Are virtual offices a good choice for your business? If your business is not yet ready for full-time Seattle office space? Then a BSC virtual office is an excellent choice.

Virtual offices are normally situated in highly sought-after office buildings. They also more often than not (i.e. optionable) come with professional secretarial services, conference rooms, and the use of the business address for mail and registrations such as business licenses. It’s like working from a great office building without the commute.

Here at Business Service Center, Inc (BSC), we can provide a virtual office in one of the most renowned buildings in Seattle, namely Safeco Plaza. At 50-stories high and located in the heart of Seattle’s downtown business district, the Safeco Plaza offers majestic views of Mount Rainier, the Olympic Mountains, and the Puget Sound. As a tenant, you’ll be happy to know that those visiting your BSC virtual office will be greeted by our professional and courteous reception staff.

Why A Virtual Office?
With the expected continued increase in Seattle office space rents, a virtual office might be a great office space solution for your Seattle business today and tomorrow. With a BSC virtual office space you won’t have to change your business address as you grow your business and as the need for full-time office space increases. From a shared office space to full-time executive suites we can provide the best in virtual and physical office space solutions in Seattle. As compared to renting a permanent office space, a virtual office offers less overhead as you have no leases to sign and no cleaning service to organize.

With a virtual office, your employees can simply work from anywhere. They also in many cases will use their own chairs, desks, and computers, which will save you a ton of overhead cost. Your employees will be happier because they can work and manage their most optimal work times.

Would you like to learn more about BSC’s office space solutions? Please call us 206-624-9188!