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Market Insight

Seattle Market Snapshot Q4 2023

Consistent with prior years, the Seattle office market continues to realize negative setbacks from the shift to remote work, especially from the region’s larger users. Survey data and ongoing interactions with tenants have shown that hybrid work is here to stay and will remain the new normal for office workers. That said, many companies have been aggressively shifting away from their pandemic-era work-from-home policies and have begun mandating a minimum number of days in office with underlying consequences if those mandatory number of days are not realized.

18.91% Direct Vacancy
64,810,274 Total SF
12,257,000 Vacant SF
Q4 2023 Seattle Market Snapshot
Puget Sound Commercial Real Estate Market Insight