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Market Insight Snapshots

Insights Markets


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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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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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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