OFFICE MARKET OVERVIEW

Vacancy and rental rates remained flat quarter-over-quarter, while office leasing volume continued to slowly gain steam. Much of the recent activity in Seattle and Bellevue has come from AI fi rms solidifying a presence in the market. Anthropic, xAI, Databricks, CoreWeave, Crusoe, and eNeural Technologies are just some of the tenants growing locally. While sales activity was again driven by owner-users and investors targeting value-add and opportunistic assets at distressed prices, several large core and core-plus deals are expected to close before year-end. These $100M+ transactions should provide meaningful data points on pricing for Class A buildings. READ MORE >