Q3 2020 Seattle Market Report

In the third quarter of 2020, the Seattle Central Business district vacancy increased to 7.0% from 6.2% in the second quarter. With office spaces mostly still sitting vacant and many large employers in the region announcing employees don’t have to come back until 2021, leasing activity has been dormant. New sublease space continues to flood the market at a clip of about 900,000 square feet per quarter over the last two quarters.