Seattle Office Market
| Average Asking Rent (Price/SF) | $42.29 |
| Vacancy Rate (%) | 10.8% |
| Net Absorption (SF) | -368,028 |
The Puget Sound office market continued to make positive strides during the second quarter of 2021, with leasing velocity picking up and many large blocks of space coming off the market. Tenant inquiries increased and active space requirements are up by roughly 35% from the low point reached during the pandemic. Average asking rents increased by 0.8% to $42.29/SF FSG for the quarter, nearly on par with the prior record of $42.33/SF FSG set in second-quarter 2020. The region experienced -368,028 square feet of negative absorption during the second quarter, much of it from coworking firms, who have given back more than 750,000 square feet of space in the last year. Vacancy in the region increased to 10.8%, up 80 basis points for the quarter and 390 basis points year over year.
Seattle Industrial Market
| Average Asking Rent (Price/SF) | $10.39 |
| Vacancy Rate (%) | 4.2% |
| Net Absorption (SF) | 4,09,027 |
The Puget Sound industrial market continued to trend positively over the second quarter of 2021, securing the region’s position as one of the fastest growing and highest performing markets in the country. Average asking rents increased to $10.39/SF NNN, up 0.9% for the quarter and 3.8% year over year. There was 4.1 million square feet of net absorption for the quarter, which brought the total over the last four quarters to 7.9 million square feet. Development is surging throughout the area, with 2.7 million square feet of new product delivered in the second quarter and 7.4 million square feet delivered over the last four quarters. In addition to record high rents, the amount of square footage under construction continues to break records each quarter, with 14.6 million feet in development for the second quarter.
Download Seattle Industrial Market Report 2Q21