The Eastside Turning the Page on 2022 Q4 2022

After three quarters of relatively stable vacancy, the Eastside stumbled in the fourth quarter. Vacancy rose 60 bases points to close at 9.0% which was last observed in 2017. In early 2023, we do not expect a repeat burst of tenant demand to soak up sublease space as we witnessed in the first half of 2021. A further wave of directly available space is set to hit the market in 2023. Despite near term challenges, the Eastside office market will evolve and thrive over the long haul as it always has.