Office preleasing activity strong in Seattle
As the Seattle market continues to see increased demand, large blocks of contiguous space in existing buildings are becoming more and more scarce.
January 16, 2019
- As the Seattle market continues to see increased demand by tenants looking for multiple floors, large blocks of contiguous space in existing buildings are becoming more and more scarce. As a result, preleasing has become an attractive option.
- Of the 4.0 million SF of office buildings under construction or renovation, only 1.5 million SF of space (38%) is currently available and 2.5 million SF has been preleased (62%).
- New construction has proved to be much more attractive to tenants than renovations, with only 32% of new construction available compared with 85% availability for renovated product.
- Considering existing product has only 3 contiguous blocks available over 100K SF and 12 contiguous blocks available over 50K SF, the demand for preleasing will continue to increase for the foreseeable future.
Source: JLL Research