Figures

Puget Sound Office Figures Q4 2025

January 12, 2026 10 Minute Read

The Puget Sound office market showed early signs of stabilization in Q4 2025, as net absorption turned positive for the first time in over three years.
In addition to the delivery of 480,000 sq. ft. of new construction office space, the Puget Sound office market recorded 76,321 sq. ft. of positive net absorption. The overall office vacancy rate held steady at 28.6%, while availability edged down 20 basis points (bps) to 29.4% quarter-over-quarter (QoQ).
Average direct class A office asking rates climbed $0.51 in Q4 2025, ending the year at $51.35 per sq. ft, full-service gross.
Renewals dominated leasing activity, accounting for four of the five largest transactions in the region, a trend that underscored market resilience as major tenants reaffirmed commitments to existing locations. However, rightsizing continued to shape demand, as many occupiers favored smaller office footprints.
Some older office assets were being evaluated for alternative uses, including residential conversions and townhome redevelopment.
With vacancy holding steady, availability declining for the second consecutive quarter, and no new projects in the pipeline, the Puget Sound office market appears positioned for near-term stabilization. While trends are still developing, data points to improving fundamentals and growing confidence among occupiers.