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Seattle/Puget Sound Office Market Dynamics
Summary and analysis of Seattle/Puget Sound’s current economic and office real estate market conditions.
Capital MarketsOfficeGlobalSeattle
Updated 19 days ago
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28 items
Market report on multifamily conditions in Seattle, July 2024.
Summary and analysis of Seattle/Puget Sound’s current economic and office real estate market conditions.
Summary and analysis of Seattle-Puget Sound’s current economic and industrial real estate market conditions.
J.P. Morgan's commercial real estate outlook covering multifamily market conditions and lending trends in the Seattle metropolitan area.
Improvements In Rent Performance After seven months of rent growth in negative territory, Seattle’s multifamily market is showing some improvement. Average advertised asking rents were up 0.2%, on a trailing three-month basis as of May, to $2,226, 10 basis points below the U.S. rate, according to the national…
This is a market report published by CBRE in September 2025 covering data center trends in the first half of 2025, with a focus on Seattle. The report provides market analysis at both the Seattle and national levels within the data center sector.
The Puget Sound retail market entered 2026 with relatively stable fundamentals, supported by resilient consumer spending and improving foot traffic, according to a recent report by Kidder Mathews. While demand remains healthy overall, retailers have become more selective as slower job growth and ongoing cost…
Cushman & Wakefield research examining industrial property construction and development activity across the Pacific Northwest region.
This week the Radius+ team took a closer look at the Seattle-Tacoma-Bellevue, WA CBSA. Historical Supply Growth in Seattle WA: 2022: 1.9% 2023: 1.1% 2024: 1.6% 2025: 1.6% Seattle has maintained measured supply growth in recent years, avoiding the overbuilding seen in some other large metropolitan areas. The…
The Seattle multifamily market in Q2 2026 showed declining vacancy at 6.7% (down from 7.0% year-over-year), modest rent growth to an average of $2,048 per unit, and net absorption of 6,085 units year-to-date, while construction deliveries declined 53% to 3,813 units with approximately 19,368 units remaining under construction. Investment activity reflected lower per-unit pricing at $276,610, down 14.75% year-over-year, with net absorption continuing to outpace new supply and supporting overall market stability.
This is a first-quarter 2026 office sector market report published by CBRE covering the Puget Sound region, including Seattle and Washington State.
The Seattle Suburban office market in Q1 2026 experienced rising vacancy at 23.9% and negative net absorption of 79,000 square feet, with overall asking rents declining 2.3% year-over-year to $35.30 per square foot. The market outlook indicates vacancy is expected to remain elevated through 2026 with continued downward rent pressure, though gradual stabilization may emerge in late 2026 into 2027 as new deliveries remain absent and employment growth continues slowly.
Downtown Seattle's office market reached 36.5% vacancy in Q1 2026, up 350 basis points year-over-year, with notable departures by Meta, Perkins Coie, and Amazon totaling over 520,000 square feet, while average asking rent rose 1.9% to $47.63 per square foot despite continued high vacancy. Leasing activity improved 36.7% to 452,000 square feet in Q1, but no office buildings sold downtown in the quarter, and the construction pipeline remains dormant with no deliveries scheduled.
This is a market report published by JLL in March 2026 covering industrial sector dynamics in the Seattle-Puget Sound region during the first quarter of 2026. The report includes national geographic classification alongside the specific Seattle and Washington State focus area.
The Seattle industrial market in Q1 2026 experienced rising vacancy (9.3%, up from 8.9% at year-end 2025), negative net absorption of 850,000 SF year-over-year, and declining rents averaging $1.07 PSF, driven by global supply chain pressures, elevated fuel costs, and regional tax policy uncertainty. Regional inventory reached 409.7M SF across 11,333 properties with 1.54M SF delivered in Q1 primarily in Pierce County, while construction of 2.6M SF remained underway at 46% preleased and 85 buildings sold for $368.4M at an average cap rate of 6.6%.
This is a first-quarter 2026 industrial sector report published by CBRE covering the Puget Sound market in the Seattle, Washington area. The item presents data and figures for the industrial real estate sector in this geography during the first quarter of 2026.
The Seattle office market in first quarter 2026 experienced significant labor market deterioration, with the regional unemployment rate rising to 5.4% in February 2026 from 4.3% a year prior, driven by 3,420 WARN-noticed layoffs led by Amazon's 2,387 cuts, while office investment activity recovered with $245.6 million in sales across 11 properties at a 7.1% cap rate. For the first time in the recovery cycle, both vacancy and availability declined concurrently by approximately 90 basis points quarter-over-quarter, reaching 23.2% and 26.7% respectively, with the region posting 253,352 square feet of positive net absorption in Q1 2026—the first positive quarter since Q1 2022—though this improvement was tempered by continued tech sector job losses threatening near-term office demand.
The Seattle office market in Q1 2026 posted a 23.1% vacancy rate for the overall Puget Sound region, with Seattle proper at 28.0%, showing deceleration in vacancy growth after years of sharp increases and modest signs of stabilization. Net absorption remained negative at -486,708 SF regionally, though at an improving pace compared to prior years, while construction activity contracted to historic lows of 63,527 SF under construction, and average asking rents edged up modestly to $32.95 PSF as investment transactions continued at approximately $310 million across 33 deals.
The Seattle retail market in Q1 2026 posted a vacancy rate of 4.0%, up from 3.3% year-over-year, with asking rents stable at $23.40 per square foot, while net absorption remained negative at -17.8K SF though improved from prior years. Smaller-format and service-oriented retail continued to outperform, construction deliveries totaled approximately 51K SF concentrated in suburban corridors, and investment activity remained measured amid selective capital deployment.
Seattle's industrial market ended Q1 2026 with a 9.7% vacancy rate and negative net absorption of 481,000 square feet, reflecting continued weakness in demand recovery despite early signs of stabilization from increased touring activity and large-block interest. Average asking rents declined to $0.95 per square foot year-over-year, with only two projects totaling 887,000 square feet delivered in the quarter, while leasing activity of nearly 1.9 million square feet was driven primarily by renewals and six large deals exceeding 100,000 square feet.
This is a market report published by JLL in June 2025 covering the Seattle retail sector as of the second quarter of 2025. The report appears to address retail market conditions and dynamics in the Seattle, Washington area with potential reference to national market context.
The Puget Sound office market's regional vacancy rate rose to 23.1% in first quarter 2026, a 30 basis point increase from the prior quarter, with net absorption totaling negative 486,708 square feet as leasing activity remained slow despite signs of stabilization and improved fundamentals. Large technology firms including Microsoft and Amazon have paused office expansions and reduced surplus space, while Seattle's position as the third-ranked U.S. metro area for artificial intelligence industry growth is generating demand for smaller, furnished "plug and play" spaces, though downtown Seattle continues facing elevated vacancy and weak tenant commitment.
The Kidder Mathews report analyzes Seattle's multifamily market in first quarter 2026, finding vacancy at 7.1%, average asking rents at $2,004 per unit, and average sales prices at $202,189 per unit, with year-over-year changes of -20 basis points in vacancy, 0.3% in rents, and -18% in sales prices. The report documents significant transactions including four property sales ranging from $15.8 million to $78 million, five major projects under construction with expected deliveries between 2Q 2026 and 3Q 2027, and five completed developments totaling 1,204 units delivered in early 2026.
This is a first-quarter 2026 market report published by Colliers covering the multifamily sector in the Puget Sound region, which includes Seattle and Washington State. The report provides market analysis relevant to the multifamily residential real estate sector in this geographic area.
The Puget Sound industrial market remained soft in Q1 2026, with total regional inventory at 410 million SF across 11,333 properties, vacancy increasing to 9.3% from 8.9% year-end 2025, and average blended asking rent at $1.07 per SF. Key submarket conditions varied widely, with Pierce County delivering 1.24 million SF and experiencing positive absorption of 625,284 SF, while Seattle Close-In, Southend, and Eastside submarkets all showed negative absorption, and global supply chain pressures plus recent cargo volumes tracking 17% below prior-year levels continued to constrain the regional market.
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Seattle Q4 2025 life sciences market report tracking lab vacancy, leasing activity and rent trends.
The January 2026 VTS Office Demand Index reports tech sector office demand surged in 2025 to become the primary national growth driver, with Seattle and San Francisco each posting year-over-year VODI gains near 50 percent, up 46 and 45 percent respectively.
RealPage identifies 11 of the 50 largest apartment markets expecting effective asking rent gains of 3 percent or more in 2026, led by Miami at 3.8 percent, Seattle at 3.7 percent and Los Angeles at 3.2 percent.