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Puget Sound Office Figures Q2 2022

22 Jul 2022

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  • Deliveries in one submarket made up for large vacancies in another, giving the market a net positive 118,080 sq. ft of absorption.

 

  • While leasing velocity continues at a weakened rate, a decent number of tenants shopped for new office space. The Seattle CBD and Bellevue CBD remain the top two most popular choices for 2022 relocations, but an Eastside exodus does not appear to be occurring in Q2.

 

  • The Eastside boasted positive net absorption, of 766,763 sq. ft. thanks to the delivery of the 1001 Towers in the Bellevue CBD, currently being occupied by Amazon who signed a lease for the space in Q1 2019.

 

  • Momentum is growing to convert inventory in Bothell and Downtown Seattle to life science.