Market Insight Snapshots

04/01/2022

Q1 2022 Seattle Market Snapshot

As the Omicron variant surged in Q1 2022, Seattle tenant requirements were delayed. As we continue to see the flight to quality, overall Class A+ CBD office assets continue to perform with an 8.38% vacancy, approximately half of the vacancy in the overall Seattle Market subset. The overall Seattle direct vacancy rate increased slightly during Q1 2022 to 11.57% while…

Q1 2022 Eastside Market Snapshot

The first quarter of 2022 saw a slowdown in leasing activity from the spike in Omicron COVID cases, which further delayed corporate America’s plan to return employees to the office. From a statistical and transactional perspective, Q1 2022 was inconsequential. Vacancy rates trended slightly higher, rental rates treaded water (after strong increases through 2021), and large tenant activity paused. That…