Seattle-Bellevue is now the third tightest major office market in the country
Continued strong demand from large office users in the Puget Sound pushed vacancy rates down further in Q4 2018.
January 23, 2019
- Continued strong demand from large office users in the Puget Sound pushed vacancy rates down further in Q4 2018. The total office vacancy rate across the region has now fallen 22 basis points over the past 12 months to 9.8 percent.
- Among markets tracked by JLL with 75 million square feet of office space or more, Seattle-Bellevue now ranks third in the country for the tightest vacancy rate, trailing the traditionally space-constrained markets of New York and San Francisco.
- Thanks to outsized demand from both technology and coworking firms, availability of office product on both sides of Lake Washington has become increasingly scarce. This has driven leasing activity for space that’s currently under construction. Roughly two-thirds of the development pipeline is now preleased.
Source: JLL Research; Includes markets with 75 million S.F. or more