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Market Insight Snapshots

Insights Markets

10/04/2022

Q3 2022 Eastside Market Snapshot

The brakes have been slammed on the five-year party of relentless Big Tech expansion on the Eastside. During the third quarter, Amazon announced delaying tenant improvements on 2.7M SF of their 3.5M SF currently under construction in downtown Bellevue, leaving the space in shell condition for the immediate future. Headline statistics for the third quarter were rather muted. Rental rates,…

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07/01/2022

Q2 2022 Seattle Market Snapshot

Throughout Q2 2022, Seattle continues to realize some of the lasting impacts from a combination of macroeconomic slowdowns, looming concerns around CV-19 and the resulting work-from-home movement, as well as public safety concerns. The overall Seattle direct vacancy rate increased during Q2 2022 to 13.84% while sublease vacancy slightly increased to 4.67% resulting in a total vacancy rate of 18.50%.…

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07/01/2022

Q2 2022 Eastside Market Snapshot

Despite the tech boom of the past few years, the Eastside is not immune to the macroeconomic impacts afflicting much of the country. From a statistical and transactional perspective, Q2 2022 mirrored the first three months of the year. Vacancy rates again trended slightly higher, large tenant activity was essentially absent and while rental rates have been growing for smaller…

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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…

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04/01/2022

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…

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