The demand for office space in Seattle continued with vacancy dropping to 9.4% in Q1. The regional market absorbed over 155,000 square feet of office space as Class A asking rent rose to $41.01 per sq. ft., full service, a $0.45 increase from Q4 2018.
In Downtown Seattle, the office market continues to thrive, empowered by the city’s rise as one of the top tech hubs nationwide. Three major office projects are under construction, adding more than 2 million sq. ft. to the market.
Large technology firms continued the arms race for available space as tenants such as UIPath and Donuts, Inc. inked new deals for space across the Eastside.