Seattle Office Market
| Average Asking Rent (Price/SF) | $45.10 |
| Vacancy Rate (%) | 10.4% |
| Net Absorption (SF) | 1,027,071 |
The Puget Sound office market steadily improved at the start of the new year, with solid fundamentals and indications that the overall outlook for 2022 is bright. Mask mandates in King County were rolled back in mid-March, an encouraging step that stimulated a return-to-office wave for some of the region’s largest employers. After several variant-related delays, companies like Microsoft, Meta and Twitter have finally begun to fill up the expanded footprints acquired over the last two years. While hybrid work models are certain to remain, the trend is unlikely to have any lasting negative impact, as employers are securing spaces capable of accommodating critical mass.
Seattle Industrial Market
| Average Asking Rent (Price/SF) | $11.77 |
| Vacancy Rate (%) | 3.1% |
| Net Absorption (SF) | 3,051,651 |
The Puget Sound industrial market continued to surge in the first quarter of 2022, building upon a momentous 2021. The region has benefitted over the past two years from pandemic-related supply chain disruptions and growing consumer demand, which have increased the need for distribution facilities in coastal markets. Industrial product in the Puget Sound region remains in high demand, and lease rates and land prices are soaring due to a constrained inventory. The construction boom that began in 2017 remains in full effect with 10.1 million square feet under construction, representing 3.3% of the region’s total inventory.