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Market Insight Snapshots

Insights Markets

10/02/2023

Q3 2023 Eastside Market Snapshot

It may be the early weeks of fall in the Pacific Northwest, but it feels like spring when it comes to tenant demand. Over the last 60 days, the Eastside has experienced an eruption of tenant demand, focused primarily in the Bellevue CBD. There are over 20 requirements from tenants needing a full floor or greater in downtown Bellevue. These…

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07/05/2023

Q2 2023 Seattle Market Snapshot

Unlike other post-pandemic quarters, Q2 2023 realized some material changes in overall fundamentals as we saw large increases in total vacancy coupled with decreases in average asking rates throughout all office building classifications in the Seattle area. Seattle total availability (vacant space PLUS occupied space being marketed as available) reached a new high of 28%. This is largely the bi-product…

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07/05/2023

Q2 2023 Eastside Market Snapshot

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…

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04/03/2023

Q1 2023 Seattle Market Snapshot

Q1 2023 continued right where the prior quarter had left off – tepid tenant demand coupled with increasing vacancy throughout the Seattle office market. While the office sector was initially slowed by the pandemic fueled “Work From Home” movement, it has continued to realize setbacks from a slowing national economy and major reductions in work force by Big Tech. The…

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04/03/2023

Q1 2023 Eastside Market Snapshot

After five years of breakneck growth across the Eastside, the bloom is off the rose. 2023 kicked off with another rise in vacancy, and ominously the availability rate reached a recent historic high. Eastside vacancy stands at 9.7%, which is up from a cycle low of 5.9% in 2019. The availability rate – the combination of vacancy, sublease and marketed…

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01/02/2023

Q4 2022 Seattle Market Snapshot

The Puget Sound’s office market continues to realize negative setbacks from the shift to remote work in addition to the looming threat of an economic recession. As a result, we have seen total office demand in Seattle significantly decrease during the 2022 year – measuring at half of 2021’s active tenant demand. As of Q4 2022, the entire Seattle market…

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