Puget Sound Office Figures Q1 2022

21 Apr 2022

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  • 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.