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Office Insight

United States | Seattle, WA

Report | Seattle Office Insight - Q1 2011

Summary

The strength of the regional economic recovery was boosted with the Pentagon’s award to Boeing of a $31.5 billion contract to replace the US Air Force’s fleet of mid air refueling tankers.  In addition, the Seattle market benefitted from several large lease signings that removed nearly 1.0 million square feet of space from the available supply.  This positive news has greatly increased optimism among office landlords, many of which are beginning to increase asking rental rates and reduce offered concessions.  Still, a sizeable amount of vacant space remains and while larger tenants will find their options limited, plentiful options remain for tenants requiring less than 50,000 square feet.

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