Figures

A Normalizing Relationship: Office Lease Rates & Lease Terms

September 2023

September 5, 2023 30 Minute Read

Lease Rates v Terms

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Aside from the unusual quarters of Q4 2021 and Q3 2022, average lease volumes for deals signed since Q1 of 2021 have remained within 10% of the mean. Thus far in Q3 of 2023, leases have had an average term length of almost eight years - over 14% longer than the mean term. 

Long-term leases have allowed Seattle landlords to offer concessions for years. After an abnormal 2021-2022, this trend resumed in 2023.