Puget Sound Office Figures Q1 2022
21 Apr 2022
- 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.