Figures

Puget Sound Office Figures Q1 2026

April 9, 2026 10 Minute Read

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  • The Puget Sound office market posted 356,000 sq. ft. of positive net absorption in Q1 2026, an improvement of 334,000 sq. ft. quarter-over-quarter.

  • Vacancy edged down to 28.3% in Q1 2026 from 28.6% in Q4 2025.

  • The total market availability rate edged down from 29.4% to 29.0%.

  • The overall average direct asking lease rate in Q1 2026 ended the quarter at $47.10 per sq. ft. per year, full-service gross (FSG), up 0.3% from Q4 2025. 

  • The Eastside continued to lead key metrics, supported by improving vacancy, tightening availability, and sustained demand from large-block tenants and Artificial Intelligence (AI)-related tech companies.

  • As regional conditions improve, these changing market fundamentals continue to support a positive outlook for both Seattle and the Eastside as they lead the broader market recovery.