Q4 2021 Seattle Market Report

At the close of 2021, the overall vacancy rate for the Downtown Seattle Office Market increased to 15.4%, comprised of 12% of direct vacancy and 3.4% of sublease vacancy. The overall vacancy rate increased significantly throughout 2021 rising from 10.3% at the end of 2020, to 13.7% in Q1 2021, 14.4% in Q2 2021, and 14.9% in Q3 2021. The 12-month net absorption for the Downtown Seattle Office Market finished at (2,169,266) RSF.