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Market Insight

Seattle Market Snapshot Q3 2022

As of Q3 2022, we started to see the light at the end of the tunnel in Seattle pandemic-era restrictions as the Governor’s office announced the upcoming recission of all remaining CV- 19 emergency proclamations and the state of emergency effective October 31, 2022. Well-located office buildings offering a host of amenities and collaborative workplace designs have led the pack in leasing activity while still preserving pre-pandemic level leasing rates. That said, dated office buildings with minimal amenity offerings and hard-to-get-to locations have been drastically impacted by the new leasing environment.

14.21% Direct Vacancy
64,237,787 Total SF
9,130,047 Vacant SF
Puget Sound Commercial Real Estate Market Insight