Figures

Puget Sound Office Figures Q3 2025

October 10, 2025 10 Minute Read

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  • The Puget Sound office market showed initial signs of recovery in Q3 2025, though challenges remain. Availability decreased for the first time in nearly four years, dropping 60 basis points (bps)  to 29.7%. 
  • The average Class A office asking rate decreased slightly, ending the quarter at $50.81 per sq. ft. per year full-service gross (FSG).
  • Negative net absorption experienced a modest increase quarter-over-quarter, primarily attributed to ongoing tenant rightsizing. Small to mid-sized deals, those under 50,000 sq. ft., accounted for three quarters of the total leased square footage.
  • Artificial Intelligence (AI) trends in the tech sector drove leasing demand for the quarter, while return-to-office (RTO) policies continued to drive the integration of employees back into the workplace.
  • Daily downtown foot traffic continued to endure at pre-pandemic levels and average weekday worker foot traffic remained consistent at nearly 150,000 visits per day.