Seattle region 3rd tightest office market in the country
At 9.4 percent the Seattle region has the third lowest vacancy amongst major office markets in the US.
April 16, 2019
- At 9.4 percent the Seattle region has the third lowest vacancy amongst major office markets in the US, behind only New York and San Francisco.
Seattle and the Eastside remain the tightest clusters in the region with 8.4 percent and 7.2 percent vacancy respectively.
- Seattle vacancy has drop 140 basis points year over year, due in large part to Amazon moving in to a number of large scale leases while vacancy on the Eastside increased by 20 basis points as a result of Farmers Insurance shedding 80 thousand square feet during their move from Mercer Island to Suburban Bellevue.
In Seattle, Pioneer Square and Lake Union represent the tightest submarkets both at 4.9 percent vacant.
- While much of the focus on the Eastside is on Downtown Bellevue, Suburban Bellevue is the tightest submarket on the Eastside at 4.3 percent which is 80 basis points lower than the Bellevue CBD at 5.1 percent.
Source: JLL Research