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Office Insight

United States | Seattle, WA

Report | Seattle Bellevue Office Insight - Q4 2016

Summary

2.5 million square feet of space was taken off the market in Seattle-Bellevue during 2016, continuing its unprecedented streak of at least 2.0 million square feet of positive net absorption over the last four years.

Average asking rates finished the year up 2.7 percent (YoY) to stand at $34.90 per square foot, full service, That's just slightly above the national average, and less than half of other major West Coast markets.

5.9 million square feet of product currently remains under construction (as of Q4), with 4.6 million scheduled to deliver in 2017. 51.2 percent of that preleased.

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