{"id":6476,"date":"2024-07-25T10:45:22","date_gmt":"2024-07-25T17:45:22","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6476"},"modified":"2026-07-07T13:23:18","modified_gmt":"2026-07-07T20:23:18","slug":"q2-2024-office-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-office-market-report\/","title":{"rendered":"Q2 2024 Office Market Report"},"content":{"rendered":"<div id=\"pl-6476\"  class=\"panel-layout\" ><div id=\"pg-6476-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6476-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6476-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-6476\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-nw.com\/office\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Office-768x519.png\" width=\"768\" height=\"519\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Office-768x519.png 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Office-300x203.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Office.png 800w\" sizes=\"(max-width: 768px) 100vw, 768px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-6476-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6476-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6476-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-6476\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h3 class=\"sow-sub-headline\">\n\t\t\t\t\t\t<strong>OFFICE MARKET OVERVIEW<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-6476-0-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>The Seattle office market faces its worst downturn in over 40 years, in part due to remote work and tech company exposure. While leasing velocity improved slightly in early 2024, absorption remains negative, and the regional vacancy rate is projected to rise as companies continue to adjust post-Covid. High availability, slower leasing, softening rents, and significant concessions favor tenants. Despite some positive absorption in Bellevue, regional office utilization remains low. Office valuations and sales volume have dropped sharply due to high interest rates and office hesitancy. Key trends to watch include coworking growth, flight to quality, and return-to-work mandates.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6476-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6476-0-2-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-6476\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Office.pdf\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover.webp\" width=\"396\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover.webp 396w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover-232x300.webp 232w\" sizes=\"(max-width: 396px) 100vw, 396px\" alt=\"Q2 2024 Pacific Northwest Industrial Market Report\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-6476-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-6476-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-6476\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-sub-headline\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Office.pdf\" >\n\t\t\t\t\t\t\t\tDownload Market Report to View More Details<\/a>\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6476-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6476-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6476-1-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"5\" ><div class=\"blueTable panel-widget-style panel-widget-style-for-6476-1-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<table class=\"blueTable aligncenter\" style=\"height: 240px;width: 100%\">\n<thead>\n<tr style=\"height: 48px;border-bottom: 1px #7e8082;background-color: #009ad9;color: #ffffff\">\n<th style=\"width: 30%;height: 48px\">MARKET INDICATORS<\/th>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q1 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q4 2023<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q3 2023<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2023<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 12 Mo. Net Absorption (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(2,471,216)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(3,317,171)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(4,338,236)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(3,588,382)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(2,965,608)<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">15.1%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">15.21%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">14.33%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">13.29%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">12.45%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2193\u00a0 Avg FS Asking Rate PSF<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$36.96<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$37.14<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$37.12<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$37.37<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$37.52<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">8,178,013<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">7,727,192<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">9,239,358<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">11,073,748<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">12,385,380<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">235,628,884<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">234,238,978<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">232,748,983<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">230,917,207<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">229,618,036<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6476-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6476-1-1-0\" class=\"so-panel widget widget_sow-button panel-first-child\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-708a38a4b005-6476\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-nw.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW LOCAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><div id=\"panel-6476-1-1-1\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"7\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-23b98baa442f-6476\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-associates.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW NATIONAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-6476-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6476-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6476-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6476-2-1-0\" class=\"so-panel widget widget_sow-button panel-first-child panel-last-child\" data-index=\"8\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-wire-f8de89738f31-6476\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Office.pdf\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tCLICK FOR MORE DETAILS FROM THIS REPORT\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6476-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-6476-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>The Seattle office market faces its worst downturn in over 40 years, in part due to remote work and tech company exposure. While leasing velocity improved slightly in early 2024, absorption remains negative, and the regional vacancy rate is projected to rise as companies continue to adjust post-Covid. High availability, slower leasing, softening rents, and significant concessions favor tenants. Despite some positive absorption in Bellevue, regional office utilization remains low. Office valuations and sales volume&#8230;<\/p>\n","protected":false},"author":39,"featured_media":6481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1085],"tags":[1097,1137,1129,1143],"class_list":["post-6476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-office","tag-harrison-laird","tag-market-report","tag-office","tag-office-market-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q2 2024 Office Market Report - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-office-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2024 Office Market Report\" \/>\n<meta property=\"og:description\" content=\"The Seattle office market faces its worst downturn in over 40 years, in part due to remote work and tech company exposure. While leasing velocity improved slightly in early 2024, absorption remains negative, and the regional vacancy rate is projected to rise as companies continue to adjust post-Covid. High availability, slower leasing, softening rents, and significant concessions favor tenants. Despite some positive absorption in Bellevue, regional office utilization remains low. Office valuations and sales volume...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-office-market-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-25T17:45:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:23:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/Office-Market-Report_927x624.png\" \/>\n\t<meta property=\"og:image:width\" content=\"924\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-office-market-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-office-market-report\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Q2 2024 Office Market Report\",\"datePublished\":\"2024-07-25T17:45:22+00:00\",\"dateModified\":\"2026-07-07T20:23:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-office-market-report\\\/\"},\"wordCount\":443,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-office-market-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2024\\\/07\\\/Office-Market-Report_927x624.png\",\"keywords\":[\"harrison laird\",\"market report\",\"office\",\"office market report\"],\"articleSection\":[\"Market Report\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-office-market-report\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-office-market-report\\\/\",\"name\":\"Q2 2024 Office Market Report - Lee &amp; 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