Leasing activity in Seattle is slowly increasing, as vacancy continued its gradual decline from the Q3 2025 peak. Several technology tenants signed large leases this quarter, including OpenAI, Uber and Meta. General Motors leased two floors, formerly occupied by Amazon, for a new software engineering hub. With minimal near-term deliveries on the horizon and residential conversions becoming more prevalent, the vacancy rate will continue improving. Sales activity continues to be driven by owner users, private capital targeting value-add opportunities, and developers looking at buildings to convert. One of the largest sales was PGIM and High Street Residential buying 11040 Main Street in Bellevue for $34.2 million. The companies plan to demolish the Class B building and replace it with 351 apartment units.