Leasing

The development, featuring 73 residences and an outdoor, art component along the Potomac River, is scheduled to deliver late 2021.

The $63 million senior bridge loan will support initial leasing of the-newly constructed project that is close to the Denver and Boulder areas.

Even as tenants begin moving into vacant spaces from lease pre-commitments signed in years prior, future absorption, leasing activity and expansions may be muted until a vaccine for COVID-19 is found.

But CBRE does expect them to fall by 10% to 16% by the first quarter of 2021 before beginning to recover.

Only 19% of property managers in the study reported that rents were being paid on time, while the rest reported that they had tenants who were unable to pay, according to a new report from the National Association of Realtors.

Commercial tenants will likely experience payment issues through the end of the year, and much longer if there is a second wave.

According to NMHC, 77.4 % of households who live in apartments paid partial or full rent by July 6.

The Eight is located near major Bellevue employers in the downtown core including Microsoft's campus, Amazon, Salesforce, Paccar, Symetra and Concur, and a short walk from the new light rail station opening in 2023.