Skanska Plans New Restaurant at The Eight in Downtown Bellevue
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Seattle absorption has been weighed down by tech tenant footprint optimization. Multifamily and industrial have been more resilient, with selective bids on best-located product. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
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On the RET wire
- The 17th Seattle story tracked on the wire in October 2026. All Seattle coverage →
- Disclosed office deal value tracked in October 2026: $21.4B across 63 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Skanska announced that Sea Creatures , a family of locally owned and operated Seattle restaurants, has signed a lease at The Eight, a 25-story, 541,000-square-foot office tower located at 10770 NE 8th St. in downtown…
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