Seattle Office Market Report Q1 2026

Mar 31, 2026

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.

Office Seattle Washington United States

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Publisher: Kidder Mathews
Obtained from: Kidder Mathews
Published: Mar 31, 2026
Last updated: Jun 28, 2026 (1 month ago)

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