Q2 2019 Seattle Market Report

Seattle’s office market in the second quarter of 2019 heated up compared to the beginning of the year with vacancy decreasing to 5.2% from 5.9% in the Downtown Seattle area. Office leasing in the second quarter saw a moderate increase from Q1, with technology companies leading growth. Given the vacancy rate is historically low, rental rates across all submarkets and building classes continue to increase while concessions decrease.