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Market Insight

Eastside Market Snapshot Q1 2022

The first quarter of 2022 saw a slowdown in leasing activity from the spike in Omicron COVID cases, which further delayed corporate America’s plan to return employees to the office. From a statistical and transactional perspective, Q1 2022 was inconsequential. Vacancy rates trended slightly higher, rental rates treaded water (after strong increases through 2021), and large tenant activity paused. That said, tenant demand in the 1,500 – 15,000 SF range was more active than at any time since the beginning of COVID.

8.80% Vacancy
38,187,111 Total SF
3,361,977 Vacant SF
Puget Sound Commercial Real Estate Market Insight