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Market Insight

Eastside Market Snapshot Q2 2023

The second quarter was a mixed bag for the Eastside. Fundamentals continued their downward spiral since the market peak of 2020. Eastside availability (vacant space PLUS occupied space being marketed as available) reached a new high of 23.3% with every submarket, other than Kirkland, pushing availability higher. Recently, some tenant demand has resurfaced. Most tenants with 2024 lease expirations are actively negotiating renewals and considering relocation opportunities.

11.81% Vacancy
39,004,853 Total SF
4,606,682 Vacant SF
Puget Sound Commercial Real Estate Market Insight