Q3 2019 Seattle Market Report
Seattle’s office market remained flat in the third quarter of 2019 with vacancy in the Downtown Seattle area decreasing to 5.1% from 5.2% in the second quarter. Year to date absorption is 2,180,894 RSF. Another 4,336,637 RSF of office is currently under construction but more supply is still needed given that a large portion of the under construction inventory has already been leased. With vacancy rates still at historically low levels, rental rates across all submarkets and building classes continue to increase while concessions decrease. Market fundamentals are expected to be in favor of landlords for the foreseeable future.