Seattle Market Snapshot Q1 2022

As the Omicron variant surged in Q1 2022, Seattle tenant requirements were delayed. As we continue to see the flight to quality, overall Class A+ CBD office assets continue to perform with an 8.38% vacancy, approximately half of the vacancy in the overall Seattle Market subset. The overall Seattle direct vacancy rate increased slightly during Q1 2022 to 11.57% while sublease vacancy decreased to 4.63% resulting in a total vacancy of 16.2% overall.