{"id":6516,"date":"2024-03-25T14:30:48","date_gmt":"2024-03-25T21:30:48","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6516"},"modified":"2026-07-07T13:23:41","modified_gmt":"2026-07-07T20:23:41","slug":"q1-2024-office-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/03\/25\/q1-2024-office-market-report\/","title":{"rendered":"Q1 2024 Office Market Report"},"content":{"rendered":"
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\n\t\t\t\t\t\tOFFICE MARKET OVERVIEW<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div>
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Seattle\u2019s office market is showing signs of life. It has yet to materially impact vacancy, but leasing activity is picking up. Pok\u00e9mon signed a lease for 16 floors in The Eight, an under-construction tower in the Bellevue CBD. This is the largest lease in the market in three years, and the largest in Skanska\u2019s history. There were three office sales this quarter that exceeded $30 million, all of which were larger than any in 2023. These transactions are emblematic of the type of sales that are driving investment activity, with two being owner-user acquisitions and the third involving a loan assumption. While still muted, 2024 sales volume is on pace to far surpass 2023, which should be amplified if interest rate cuts occur in the second half<\/p>\n<\/div>\n<\/div><\/div><\/div>

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\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>
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MARKET INDICATORS<\/th>\nQ21 2024<\/strong><\/td>\nQ4 2023<\/strong><\/td>\nQ3 2023<\/strong><\/td>\nQ322023<\/strong><\/td>\nQ1 2023<\/strong><\/td>\n<\/tr>\n<\/thead>\n
\u2191\u00a0 12 Mo. Net Absorption (SF)<\/td>\n\u00a0(3,317,171)<\/td>\n\u00a0(4,338,236)<\/td>\n(3,588,382)<\/td>\n(2,965,608)<\/td>\n(2,970,691)<\/td>\n<\/tr>\n
\u2191\u00a0 Vacancy Rate (%)<\/td>\n15.21%<\/td>\n14.33%<\/td>\n13.29%<\/td>\n12.45%<\/td>\n11.66%<\/td>\n<\/tr>\n
\u2193\u00a0 Avg FS Asking Rate PSF<\/td>\n$37.14<\/td>\n$37.12<\/td>\n$37.37<\/td>\n$37.52<\/td>\n$37.66<\/td>\n<\/tr>\n
\u2191\u00a0 Under Construction (SF)<\/td>\n7,727,192<\/td>\n9,239,358<\/td>\n11,073,748<\/td>\n12,385,380<\/td>\n13,072,096<\/td>\n<\/tr>\n
\u2191\u00a0 Inventory (SF)<\/td>\n234,238,978<\/td>\n232,748,983<\/td>\n230,917,207<\/td>\n229,618,036<\/td>\n228,589,830<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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\n\t\t\t\n\t\t\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>
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<\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

Seattle\u2019s office market is showing signs of life. It has yet to materially impact vacancy, but leasing activity is picking up. Pok\u00e9mon signed a lease for 16 floors in The Eight, an under-construction tower in the Bellevue CBD. This is the largest lease in the market in three years, and the largest in Skanska\u2019s history. There were three office sales this quarter that exceeded $30 million, all of which were larger than any in 2023….<\/p>\n","protected":false},"author":183,"featured_media":6523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1085],"tags":[1097,1137,1129,1143],"class_list":["post-6516","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":"\nQ1 2024 Office Market Report - Lee & 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\/03\/25\/q1-2024-office-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2024 Office Market Report\" \/>\n<meta property=\"og:description\" content=\"Seattle\u2019s office market is showing signs of life. It has yet to materially impact vacancy, but leasing activity is picking up. Pok\u00e9mon signed a lease for 16 floors in The Eight, an under-construction tower in the Bellevue CBD. This is the largest lease in the market in three years, and the largest in Skanska\u2019s history. 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