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Market Insight

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.

12.02% Direct Vacancy
63,312,787 Total SF
7,612,921 Vacant SF
Puget Sound Commercial Real Estate Market Insight