Figures

Puget Sound Office Figures Q3 2026

October 9, 2026 10 Minute Read

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  • Net absorption stayed positive for a fourth straight quarter at 514,000 sq. ft., the strongest quarterly total since Q3 2021, bringing the year-to-date total to 979,000 sq. ft.
  • Vacancy fell 40 basis points (bps) to 27.9%, while availability ticked up 10 bps to 28.2%.
  • The overall average direct asking rate rebounded to $47.18 per sq. ft. full-service gross after a dip in Q2 2026.
  • Downtown Seattle posted 300,000 sq. ft. of positive net absorption, its first positive quarter since Q3 2021, led by 197,000 sq. ft. in the Seattle CBD. Renton’s 309,000 sq. ft. carried the Southend’s 305,000 sq. ft. gain.
  • The Eastside posted negative 145,000 sq. ft. of net absorption after three consecutive positive quarters, driven by GIX’s relocation of approximately 96,000 sq. ft. in the Bel-Red Road Corridor. Eastside vacancy still held well below the market average.
  • Leasing volume moderated to roughly 1.5 million sq. ft. in Q3 2026, but the trailing four-quarter leasing activity totaled nearly 9.5 million sq. ft., up roughly 12% year-over-year.