Figures

Puget Sound Office Figures Q2 2026

July 9, 2026 10 Minute Read

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  • Net absorption remained positive for a third consecutive quarter, totaling 64,000 sq. ft.
  • The total Puget Sound office availability rate eased to 28.1%.

  • Total vacancy held steady at 28.2%.

  • The average direct asking rate ended the quarter at $46.78 per sq. ft., full-service gross (FSG).

  • Downtown Seattle continues to face persistent headwinds; however, the Seattle CBD recorded 83,000 sq. ft. of positive net absorption in Q2 2026. 

  • On the Eastside, momentum remained strong: the submarket posted 323,000 sq. ft. of positive net absorption and carried the lowest vacancy rate among all major submarkets at 23.6%.

  • AI-driven and tech-sector demand, anchored by Databricks' 144,000-sq.-ft. lease in Bellevue, drove much of that activity, while a growing development pipeline points to renewed confidence among Eastside owners.