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Dive brief:
- After a two-year hiatus, New York City-based Turner Construction will resume work on tower 555, a 42-story Amazon office tower in Bellevue, Washington, according to a recent announcement from the e-commerce giant.
- Amazon had halted construction on five towers in the Bellevue area by July 2022, including Tower 555, around the same time it pulled out. warehouse development channel. Chief executive Andy Jassy said at the time that changing work habits since the pandemic caused Amazon to reevaluate its office plans.
- Now, almost two years later, the technology giant is again betting on the office market, despite general instability of the sector since the COVID-19 pandemic. Once completed later this year, 555 Tower will house more than 4,500 employees in total, according to Amazon.
Diving knowledge:
Located in the heart of Bellevue’s central business district, Tower 555 will be taller than any existing building in the city.
Spanning 1 million square feet, the project has already completed construction on the 19th floor. However, construction is yet to be completed on the remaining 22 upper floors.
This will bring online an additional 500,000 square feet of co-working space in Bellevue, according to Amazon.
“Amazon’s continued investment in Bellevue is another sign of confidence that our city is growing and open for business,” said Bellevue Chamber President and CEO Joe Fain. “As the office market around the world continues to show signs of post-pandemic strain, Bellevue is bucking the trend and breathing new life into its downtown.”
Unstable office market
Office building has long been regarded as a sector of concern for 2024. Value of the charge Commercial real estate will likely fall 26% by the end of next year, according to Moody’s Analytics.
For example, Jay Paul Co., a Bay Area real estate company, recently delayed its massive technological campus project in San Jose, California, according to The Mercury News. This office, retail and restaurant complex was halted in construction due to the unstable office market in the region.
However, Amazon renews its commitment to the office market in the Seattle area. The company praised Bellevue, a suburb of Seattle, for its business-friendly environment and deep talent pool.
Since 2020, the tech giant has brought more than 12,000 jobs to the city and remains committed to its long-term plans to bring a total of 25,000 jobs to the area, according to a company statement.
