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Market Insight Snapshots

Insights Markets

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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01/02/2023

Q4 2022 Eastside Market Snapshot

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…

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10/04/2022

Q3 2022 Seattle Market Snapshot

As of Q3 2022, we started to see the light at the end of the tunnel in Seattle pandemic-era restrictions as the Governor’s office announced the upcoming recission of all remaining CV- 19 emergency proclamations and the state of emergency effective October 31, 2022. Well-located office buildings offering a host of amenities and collaborative workplace designs have led the pack…

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