Seattle Office Market
Through Q3, 2025 leasing volume reached 4.7 million square feet, trailing long-term averages but outperforming several recent post-pandemic years. Availability declined in four of five major submarkets, indicating that leasing is outpacing new space listings and demand is broad-based. Sublease availability fell from 4.3% to 3.8%, suggesting stabilization as tenants reclaim space or opt for turnkey solutions.
Seattle Industrial Market
Leasing volume declined to 3.58M SF in Q3, down 930 basis points quarter over quarter, reflecting tenant hesitation amid economic uncertainty and recalibrated space needs. Vacancy increased by 227 bps, driven by speculative deliveries, particularly in Pierce County and the Northend, contributing to a more tenant-favorable environment. Class A availability rose to 21.4%, compared to 6.9% for Class B/C, with first-generation speculative space pushing rents upward — highlighting a bifurcation in demand by asset quality.