Bob Wallace, CEO of Wallace Properties, joined CEOtoCEO to discuss the Tale of Two Cities - the real estate outlook for Seattle and the Eastside. With 44 years in corporate and residential real estate, Bob is uniquely qualified to provide his perspective of the market and what comes next for Seattle and Bellevue.
Bob described the City of Seattle's challenges today including the homelessness crisis, crime, safety, political mismanagement, and a lack of civility which have contributed to an out-migration of businesses from the City of Seattle. Additionally, the tourism industry is seeing business loss due to the Seattle’s current challenges.
Bob shared that Bellevue's current real estate outlook is bright with businesses like Amazon, Facebook, and other companies beginning major expansion with millions of square feet of office space leased or currently under construction.
Bob explained that jobs are key to the city and regions prosperity and that the growth in Bellevue will help other Eastside cities. Bob mentioned that Eastside cities have been working together rather than competing.
Bob is seeing more employees returning to their offices to work, and expect most people will be back in the next 6 months to a year. Bob believes that it’s in businesses best interest to get employees back to the office. He cites culture and productivity for the main reasons to return.
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