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Market Insight Snapshots

Insights Markets


Q2 2024 Eastside Market Snapshot

Since the start of 2024, tenant demand has remained relatively strong, but hyper-focused on best-in-class, well-located, amenitized assets. Some, but not enough, of that demand is beginning to trickle out to the suburban markets demonstrated by an undisclosed tenant leasing 26,000 SF at Kirkland Ascent and Verizon subleasing 33,000 SF of T-Mobile space along the I-90 Corridor.

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Q1 2024 Seattle Market Snapshot

Q1 2024 posted major negative absorption for the entire Seattle market consistent with prior quarters. This large negative absorption observed in the quarter was primarily the result of two new large office buildings delivering 100% vacant – Washington 1000 (531K SF in the CBD) and Northlake Commons (158K SF in South Lake Union). However, we were encouraged to see Class…

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Q1 2024 Eastside Market Snapshot

2024 welcomed tenant demand exceeding the historical norm for much of the first quarter. That demand so far is hyper-focused on best-in-class, well-located, amenitized assets. Trophy buildings have so far sidestepped the deep slump the region is experiencing in commercial office space. Whereas older buildings or those outside of the Bellevue central business district are bearing the brunt of the…

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Q4 2023 Seattle Market Snapshot

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…

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Q4 2023 Eastside Market Snapshot

Positive momentum and optimism are growing as we turn to 2024. After a painfully sluggish start to the year, tenant demand has reemerged and there are approximately 1M SF of leases pending. Is a soft landing in store? That may be the case for downtown Bellevue. Nearly all of the pending leases are concentrated in the Bellevue CBD, which by…

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Q3 2023 Seattle Market Snapshot

Office stakeholders anxiously awaited the passing of Labor Day weekend anticipating a resurgence in overall occupancy during the week, but fell short of expectations as daily average occupancy rates remained at ~50% throughout Q3 2023. Since the prior quarter, total overall office demand remained stagnant at ~1M SF of true demand, and total Seattle availability (direct vacancy + sublease vacancy…

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