Rates Continue to Improve in Seattle Office Market as Economy Strengthens
The year started on a high note for the Seattle office market with stronger vacancy and rental rates, as well as positive absorption by the end of the first quarter.
With the strong economy in Seattle, vacancy rates improved to 13.50% compared to 13.68% in Q4 and 15% in Q1 of last year. Additionally, asking rental rates continued to improve to a high this market has not seen since Q3 of 2008.
The quarter’s year-to-date absorption ended on a positive at 84, 809 square feet. Projected new office space inventory under construction jumped up to by 1.7 million square feet with two notable projects – 400 Fairview and Troy Block in Lake Union, 1007 Stewart Office Tower in Central Business District and Hawk Tower at Stadium Place in Pioneer Square.
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