Technology-focused office users have increasingly landed in the Seattle CBD this cycle
Thanks to a few large technology firms, the Puget Sound has established itself as a global hub of technology talent.
May 01, 2019
- Thanks to a few large technology firms, the Puget Sound has established itself as a global hub of technology talent. This has driven a host companies looking to establish a technology-focused office to land in the Puget Sound this cycle. As a result, we’ve witnessed a rush of office demand from smaller tech-focused office users over the past 8 years.
- Of the tech-focused offices that have opened since 2010 in the Puget Sound, a significant share have planted their flag in the Seattle CBD. This has been driven partly by the fact that the Seattle CBD is the largest office submarket in the region, but also aided by more traditional non-tech focused tenants downsizing or densifying their footprint which has freed up office availability.
- Surprisingly, Lake Union has not been as large a recipient of these tech-focused offices as one would think. It has been increasingly difficult for any office user to gain a foothold in Lake Union as a select number of large technology users have taken nearly any space that’s become available, including product that’s proposed or under construction.
Source: JLL Research