Take a second to think about the Bay Area. You’ll probably picture the shoreline of the Northern California coast, perhaps the Golden Gate Bridge or maybe even the iconic Google logo. The Bay Area—including towns like San Jose, Palo Alto and Santa Clara—became a global destination known for its natural beauty, prominent universities and massive proliferation of technology companies. Now, it operates as a regional powerhouse.
Contrary to any “secondary hub” perceptions, the Greater Seattle area is also a top 10 global innovation center, according to JLL’s 2024 Innovation Geographies Report. But its global brand is less established and its presence is less defined than the Bay Area, with Lake Washington at times acting as both a physical and psychological barrier between Seattle proper and another tech mecca, Bellevue. This identity crisis presents a problem if the goal is to continue to attract companies to the area.
Without a coordinated regional approach, Seattle and Bellevue are hindered from cultivating a regional brand that attracts global investment. Holding the region back further is the perception that when something good happens to one of those cities—like landing a massive corporate relocation—it’s bad for the other. We think this is a narrative worth rewriting.
The solution: Selling the benefits, together
Rebecca Lovell, COO of Greater Seattle Partners, explains how the Greater Seattle area needs partnership to effectively compete against the Bay Area and other international hubs like Singapore and London: “Philosophically, it’s easy to recognize that when companies locate anywhere in our region, we all stand to benefit. We live in each other’s communities, work in each other’s cities, spend our money in each other’s economies. As a region, we’ve all invested in and benefit from each and every component of transit infrastructure, higher education, skilled workforce, cultural institutions and quality of life. When we market these regional assets we compete effectively on the world stage.”
But how, exactly, do we market these regional assets? It all starts with a consistent understanding of what those assets are.
For example, the Greater Seattle area’s innovation center status is an important distinction with tremendous financial and social benefits. Digital segments of the economy already comprise 15% of global economic output and are rapidly rising. From traditional areas such as software development and hardware manufacturing, to genomics, AI and space tech, the digital economy is expanding at breakneck speed.
Seattle and Bellevue—as a combined ecosystem—offer a tremendous range of unique benefits for tech firms and other corporate occupiers. Some are drawn to Seattle for its iconic status and historical significance, while others are enticed by Bellevue’s new construction and, according to Mayor Lynne Robinson, heavy investments in public safety, transportation, parks and green spaces.
Thanks to the establishment of transit systems linking the two cities and light rail expansions that allow employees to live further from downtown but maintain access, the geographical divide is increasingly becoming irrelevant.
Overall, these region-wide investments are starting to work.
Lightbulb on
A range of tenants from startups to Fortune 500 companies have begun looking at their location strategies proactively and with a wider lens as they seek to balance talent, operating environment, risk and cost requirements. We help tenants open their universe of options, understand the fundamental advantages of the Greater Seattle area as a whole and how it can impact future business growth and talent recruitment.
According to JLL research, the tech industry has dominated building tour activity, with a significant influx of new market entrants and previously remote tenants leading the charge. This trend underscores the region’s pull for tech players seeking expansion or a new home base. We are also seeing a heightened level of sophistication in tech industry location strategies, with most companies actively and wisely considering both Seattle and Bellevue as a viable corporate home. In 2023, companies leased 2.3 million square feet of space in Seattle, while Bellevue recorded 800,000 square feet of leasing activity.
Sea-Vue? Bell-Sea? We’re here for this partnership
The robust economic landscape of the Pacific Northwest has Seattle and Bellevue firmly entrenched as twin engines of economic vitality—both on an upward trajectory. Establishing a presence in Seattle or Bellevue is not just about securing commercial space, and it’s certainly not about competition between the two locales. It’s about starting a chain reaction of energy that helps attract international companies and entrepreneurs to the region, fueling a strong, diverse economy and quality of life that benefits us all.
Adam Chapman (Managing Director) and Blair Stern (Executive Vice President) at JLL specialize in tenant representation for technology and life science companies. Their extensive experience structuring flexible, cost-efficient real estate solutions, have resulted in a long track record of successful negotiations on behalf of their clients.
