Eastside sees explosion of 'spec' office projects. (Puget Sound; speculative office projects)

Speculative office projects, an almost extinct breed on the Eastside in recent years, are flourishing once again.

New developments are popping up all over, including a 173,490-square-foot office project which broke ground two weeks ago at Highlands Campus in Bothell's Canyon Park area.

Local real estate brokers credit the resurgence of spec projects to a combination of three factors: an amazingly low vacancy rate, rising lease rates and an increase in available financing.

"Together, those ingredients are the perfect recipe for new construction," said Steve Balkman, a broker with Bellevue-based Puget Sound Properties.

Highlands Campus is a three-building project that is being developed entirely on a spec basis, said Todd Timberlake, vice president …