Amazon’s moving to Bellevue…what does that mean to Eastside housing?

 

If you have been paying attention to local headlines, you can’t help but have seen the acronym HQ2. This was the moniker that Seattle-based Amazon used in it’s process to identify a “second” headquarters for this massive online retailer. It was also a shot across the bow to the Seattle region that Amazon was willing to consider other locations as “home”. And we now know the results of that HQ2 process.

Then, in early April, Amazon dropped it’s second shoe on Seattle. But this time, Bellevue and the greater Eastside is the beneficiary. Amazon announced that it will be relocating thousands of workers to the Eastside over the next several years. This has been followed by announcements that Amazon has gobbled up both existing buildings and land development sites in Bellevue to carry out its plan.

So, what does this mean for the real estate market. I think it’s rather safe to say that over time, Amazon’s move to the Eastside will certainly act to enhance demand for housing on the Eastside. In addition, with more workers bearing down on Bellevue, we will likely see greater commute times, even with the planned light rail expansion. This could create a ripple effect of some businesses moving out of Bellevue and relocating even further East, creating a cascading effect of greater demand for housing in those communities.

While this is still in the planning/execution phase, it’s pretty clear that anywhere Amazon goes will impact housing and we should all be paying attention as this story continues to unfold.

If you have questions or needs related to buying or selling real estate in the greater Eastside, please contact me at russ@thecofanogroup.com. I’d love to chat with you!

Posted on May 28, 2019 at 9:56 pm
Russ Cofano | Category: Bellevue, Market News and Trends

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