The real estate industry is buzzing with rumors that Apple may be purchasing a large office space in Seattle. Apple recently invested $200 million on Turi, a Seattle startup company focusing on machine learning enterprise founded by a computer science professor at the University of Washington.
Rumor has it that the location could be several hundred thousand square feet, which would create a large footprint in the Seattle area. Geekwire has been told by Apple that they may be also considering space in downtown Bellevue as well, possibly the Centre 425 building, currently under construction. Based on logistics, each employee could occupy a space of 150-250 square feet, which, given the size of this office building alone could mean an additional 1400-2300 jobs and employees.
At this point, Apple and affiliates have declined to comment on the affirmation of these moves but Apple already has quite a presence in Seattle, even though it’s main headquarters is in Cupertino California. Apple leased one floor and part of another building at the Two Union Square office in downtown Seattle last year and spent several months building a small team in a temp office in the Ballard area. Back in 2014, Apple acquired Union Bay Networks, another Seattle start-up.
Bellevue would greatly benefit from the move as they have been facing possible office vacancies in the near future. For instance: Expedia will be leaving Bellevue for Seattle in 2019 as well as possible moves for Google, Snapchat and Facebook into the Seattle area.
As far as additional office projects, The 929 Office Tower and the Lincoln Square expansion are currently under construction with companies such as Salesforce and Valve planning to take up the majority of these buildings. In Seattle, there are several larger spaces available or currently under construction.
All this to say, home prices and condo prices in these projected areas are likely to rise. Buyers would benefit from finding and purchasing housing now, before price increase dramatically due to the need.