Downtown Seattle Office MarketBeat Q1 2026

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.