Bellevue as a Growth Center for Services and International Trade

1
Bellevue as a Growth Center for Services and
International Trade

• Presentation May 2009
• Mr. Thomas Boydell,
• Economic Development Manager

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Bellevue Today and Tomorrow
Downtown Bellevue
Bel-Red Innovation Corridor (912 acres)
3
New Investments

• Bel Red Innovation Corridor 300 million
• Parks Bond Levy - 40 million
• Mobility Initiative
• Sound Transit Phase II
• Environmental Stewardship Initiative
• Brownfields Program
• Organizational Improvement Efforts
• Plus School Bond Levy (Sch. Dist.) 30 million

4
Cultural Amenities
5
Parks and Public Gathering Places
6
Expanded Shopping and Entertainment
7
New Upscale Retail
8
New Office Towers
City Center Plaza - Microsoft
Lincoln Square Microsoft Eddie Bauer
Tower 333 Expedia Inc.
The Bravern - Microsoft
Summit Spec Office
9
New Residential Apartments
Tenzo Tower
Bellettini
Avalon
989 Elements
BRE
Ashton
10
New Condominiums
1200 Bellevue Way
Washington Square
Bellevue Towers
The Essex
The Bravern
One Main
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Downtown Pipeline
12
Development Activity Trend Line Building
Permits Applied for and Issued
13
Development Activity Aggregate Project
Valuations
14
Bellevue Office Market Trends Source Grubb
Ellis Research, Office Market Report Seattle Area
1st Q 2009
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Average monthly earnings Seattle-Tacoma-Bellevue
MSA
4,558 (1Q 08)
4,017 (1Q 00)
2007
2000
Lower (lt 50K)
Middle (50-100K)
Higher (gt100K)
Housing affordability is tied to Median Household
Income 62,338
78,708
16
Outlook

• Summary outlook positive, hopeful, and patient
• Major projects in the pipeline continue as
  planned
• Primary employment and business activity strong
• Businesses will benefit from restructuring going
  on
• Secondary sectors (e.g. retail, auto, and
  housing) are lower, but Bellevue businesses
  benefit from the citys central location and the
  broad diversity of the business community
• Upturn is expected, but may take several years
  for all sectors to return to 2007 peak levels
• New public investments will guide sustainable,
  long-term growth

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Todays Economic Drivers

• Bellevue as an important and growing economic
  center
• Changing demographics
• International Diversity
• Population and Jobs are both expanding
• Wealthiest census tracts in the State of
  Washington are IN or SURROUNDING the Bellevue
  area
• New Business Entrepreneurship
• Rated 1 in USA by Forbes Magazine 2008
• Central Location
• Crossroads of Region
• Proximity to Microsoft, Boeing, and many other
  companies
• 20 minutes to Sea-Tac Airport
• Equal distance from Bellevue to either London or
  Tokyo, Seoul, and Beijing

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Demographics

• A global workforce
• 30 foreign born
• 30 speak a language other than English
• 36 languages spoken in Bellevue schools
• More than 130 different languages spoken in Metro
  area
• 30 non-Caucasian
• A well-educated workforce
• 60 of those over 25 with at least a bachelors
  degree (national average of 27)
• Attracting top professionals from around the
  world
• Local talent development
• Nearby universities, community colleges and
  technical training institutes
• Award-winning Bellevue Public Schools

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Downtown Centers Growth
Year Condos Apartments Office (SF) Retail (SF) Hotel Rooms Sr. Housing Parking Jobs Residents
2008 429 543 983,000 147,500 0 150 4,710 4,771 1,646
2009 602 796 1,084,000 420,800 350 0 5,811 5,307 2,097
2010 455 367 0 30,000 0 0 1,984 112 1,812
2011 32 720 0 46,346 0 0 670 88 549
2012 16 295 0 18,000 0 168 1,138 85 1,038
2013 250 1,102 2,075,000 846,000 846 0 13,457 10,294 2,028
2014 0 0 1,092,470 100,000 0 200 2,704 4,590 250
Totals 1,784 3,823 5,234,470 1,608,646 1,196 518 30,474 25,247 9,420
Downtown Bellevue may be the fastest growing city
in the U.S. (percentage growth) This growth is
supported by City and Private Sectors Plans for
cultural programs, parks, lifestyle amenities,
attention to evolving city culture and
international diversity, transit and
transportation improvements.
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Employment Distribution
Sector 2007 Percent
Services 76,803 0.549
FIRE 15,872 0.113
Retail 14,778 0.106
WTCU 9,558 0.068
Const/Res 7,778 0.056
Manufacturing 6,270 0.045
Government 4,605 0.033
Education 4,229 0.030
Total 139,892  
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Bellevue Employment Growth by Sector 2000-2007
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Growth and Distribution of Bellevue Employment
Service Sector
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International Companies in Bellevue

• Bellevue Companies
• - National International
• AAA of Washington
• Boeing
• CH2M Hill
• Coinstar
• Eddie Bauer
• Expedia Inc.
• Microsoft
• Mulvanny G2 Architecture
• PACCAR
• Pokémon USA, Inc.
• Symetra Financial
• T-Mobile USA (formerly Deutsche-Telecom)

Example List of Asian Companies in Bellevue or
nearby China Companies Loci Software Kiloboat.com
Longtop International Taiwan Companies China
Trust Bank India Companies Aditi Aztecsoft Congru
ent Software Cordant iLink Physware Prithvi Second
Space WiPro Pacific Consulting Services Japan
Companies ICOM Pacific Software Publishing
Inc. Nintendo Grape City Tokai Denpun USA
Total of 125 foreign-owned companies, more than
900 firms involved in international trade
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Trade Opportunities

• Fashion
• Computer and Internet Software
• Medical Devices
• Architecture and Engineering Services
• Environmental Specialty Services
• Corporate Finance
• Investments and Private Banking
• International Trade Finance and Law
• Interactive Media
• Airplane Sales