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From good space to great space – tenants are making moves

  • ​So far in 2017, 3.5 million square feet of Class A office space has been taken off the market and half a million square feet of Class B office space is back on the market. This has contributed to the Class B vacancy rate being 480 basis points higher than Class A vacancy – making the flight to quality trend more apparent than ever.
  • The gap between Class A and Class B annual net absorption has shifted from 670 thousand square feet in 2010, to 4 million square feet so far this year
  • Of the ten buildings delivered so far in 2017, seven of them have been fully leased to single tenants. The demand for quality office space is putting increased financial pressure on tenants in the Seattle office market.​

Source: JLL Research

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