While there are several new class A office projects underway or planned for Downtown Bellevue, there is only one signficant suburban office project on the Eastside with a 2007 completion date, and the full service asking rate likely will come in at around $32 per sf. That project is Schnitzer Northwest's 700,000-sf, three-building Advanta development along I-90, and Pollard has the listing. "I'm the only game in town," he says.

According to C&W, the 7 million-sf Eastside Class A suburban office market had an overall vacancy rate of 6.5% while the Class A vacancy rate for the 3.1 million-sf I-90 Corridor submarket was under 5%. When sublease space is excluded, those rates drop to 5.5% and 3.5%, respectively.

In a conversation about the Eastside office market at mid-year, C&W director Tom Bohman told GlobeSt.com that although the suburban office vacancy rate ticked up slightly in the second three months of the year thanks to a couple of small construction deliveries, it's not a trend."It will be a very short-lived phenomenon," he says. "There are a lot of deals in the pipeline, so the space is not really available. In fact, we're seeing competition for spaces by multiple tenants."

Indeed, after several years of enjoying a tenant's market, Bohman says tenants are starting to issue LOIs (letters of intent) to secure space.

"Blocks of space greater than 15,000 sf are in really short supply," he says. "Over the next 12 months there's really no new construction in the suburban or downtown markets that will deliver, so through the balance of '06 and most of '07 it will get really tight and tenants will experience fairly significant rate shocks."