Seattle office vacancy is up year-over-year, while rents sustain at pre-pandemic levels.
Read our Five Fast Facts to learn more about key trends that impact the Seattle office market in the second quarter.
- SEATTLE METRO AREA MAINTAINS STRONG LABOR FORCE
Seattle MSA employment sustained the nearly 2.2 million number it reached in Q1, up 66,300 jobs YOY.
- ASKING RENTS SUSTAIN PRE-PANDEMIC LEVELS
Greater Puget Sound asking rents averaged $45.89 psf gross, a YOY drop of 3.6%. Seattle CBD Class A rents averaged $53 psf, while Bellevue CBD Class A rents averaged $61 psf.
- VACANCY UP YOY
Seattle market overall vacancy increased 340 bps YOY to 22.4%, with the Seattle CBD up 440 bps to 23.3%. Eastside market overall vacancy rose 280 bps YOY to 11.2%, with the Bellevue CBD up 40 bps to 8.6%.
- SUBLEASES SURGING
Subleases have grown 46.6% YOY across the metro area, with tech giants Microsoft, Meta, Tableau, and T-Mobile all putting space up for sublease this quarter.
- LEASING ACTIVITY DOWN YOY
New leases dropped 22.8% YOY across the region. The Seattle Suburban market showed the only improvement, increasing 53.9% YOY.
