The Puget Sound office market remained challenged through Q4 2025, with availability hovering near 17% and conditions firmly a tenant’s market. Leasing volume in 2025 finished roughly in line with 2024 but remained nearly 30% below pre-pandemic levels, with average lease sizes down approximately 10%. Net absorption was negative by roughly 820,000 SF during the year, driven largely by major corporate consolidations rather than new supply. New construction had little impact on availability, as virtually all recent deliveries were pre-leased or owner-occupied, and no speculative office projects were underway. A notable trend on the Eastside has been the redevelopment of aging office assets into townhomes, gradually reducing future office inventory.