Puget Sound Office Figures Q1 2022

21 Apr 2022

Looking for a PDF of this content?

  • The region experienced 144,440 sq. ft. of negative absorption due to expirations in Bothell, the Seattle CBD and Lynnwood/Edmonds/Mountlake Terrace. Asking rent is up as landlords remain bullish on the Seattle market and vacancy was stable at 16.6%.

 

  • Downtown Seattle lease transactions were dominated by non-tech tenants in Q1.

 

  • The Bellevue CBD remained the center of development activity in the Puget Sound region. Over 3.8 million sq. ft. is under construction, 86% of which is leased to tenants such as Bungie and Amazon.