Snapshots

Despite a slight uptick in total vacancy in Q4, the Puget Sound office market remains the 3rd tightest in the country

Among markets tracked by JLL with 75 million square feet of office space or more, the Seattle/Puget Sound office market remains one of the tightest markets at 9.9 percent.

January 22, 2020
  • Among markets tracked by JLL with 75 million square feet of office space or more, the Seattle/Puget Sound office market remains one of the tightest markets at 9.9 percent, just behind San Francisco and New York. With over 2.2 million square feet of space leased but not yet occupied, only 7.6 percent of space is truly available across the Puget Sound.
  • Asking rates continue to reach all-time highs market-wide, driven largely by new developments in select submarkets. Even with market rents peaking at $44.22 per square foot, full-service, Seattle remains affordable compared to other markets across the country.
  • Demand for office space has yet to slow and the tech sector will continue to drive growth moving forward. Some large scale developments are expected to break ground in 2020, but the fundamentals will likely remain tight across the market for the foreseeable future given how strong preleasing activity is.

Source: JLL Research

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