Puget Sound Office Figures Q4 2024

Seattle area office vacancy remained stable throughout 2024, December ended with vacancy at 26.4%, identical to Q3. Year-to-date, the region posted 1.1 million sq. ft. of negative net absorption; a 3.0 million sq. ft. improvement from 2023. 

In Downtown Seattle, the quarter’s largest deals were prime building renewals, with some companies expanding in place to accommodate growth. 

The Eastside market concluded the year on a positive note, highlighted by a year-to-date net absorption of 804,249 sq. ft., a big swing from the nearly 1.2 million sq. ft. of negative net absorption recorded in 2023. 

The Puget Sound region showcased a strong workforce and economic foundation as it rounded out 2024. Significant venture capital funding and an established tech and life sciences sector, along with the fastest-growing GDP among major U.S. metropolitan areas, underscores the overall value of the region.