{"id":6636,"date":"2024-10-23T12:38:00","date_gmt":"2024-10-23T19:38:00","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6636"},"modified":"2026-07-07T13:22:28","modified_gmt":"2026-07-07T20:22:28","slug":"q3-2024-office-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/10\/23\/q3-2024-office-market-report\/","title":{"rendered":"Q3 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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The Seattle office market continues to struggle, with net absorption reaching -2.7 million square feet in Q3 2024, a decline from Q2\u2019s -2.5 million square feet. The vacancy rate increased to 15.7%, up from 15.1% in the previous quarter, indicating persistent challenges. The average asking rent decreased slightly to $36.82 per square foot annually, offering tenants softening rents and increased concessions. High availability and slow leasing momentum exert pressure on landlords, while trends like remote work and high interest rates impact sales and valuations. Demand remains for higher-quality spaces and coworking growth, reflecting a market in flux.<\/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>\nQ3 2024<\/strong><\/td>\nQ2 2024<\/strong><\/td>\nQ1 2023<\/strong><\/td>\nQ4 2023<\/strong><\/td>\nQ3 2023<\/strong><\/td>\n<\/tr>\n<\/thead>\n
\u2193 12 Mo. Net Absorption (SF)<\/td>\n(2,668,668)<\/td>\n(2,471,216)<\/td>\n(3,317,171)<\/td>\n(4,338,236)<\/td>\n(3,588,382)<\/td>\n<\/tr>\n
\u2191\u00a0 Vacancy Rate (%)<\/td>\n15.70%<\/td>\n15.10%<\/td>\n15.21%<\/td>\n14.33%<\/td>\n13.29%<\/td>\n<\/tr>\n
\u2193\u00a0 Avg FS Asking Rate PSF<\/td>\n$36.82<\/td>\n$36.96<\/td>\n$37.14<\/td>\n$37.12<\/td>\n$37.37<\/td>\n<\/tr>\n
\u2191\u00a0 Sale Price PSF<\/td>\n$407.00<\/td>\n$200.33<\/td>\n$284.92<\/td>\n$302.80<\/td>\n$260.69<\/td>\n<\/tr>\n
\u2191\u00a0 Cap Rate (%)<\/td>\n7.09%<\/td>\n6.80%<\/td>\n6.20%<\/td>\n7.30%<\/td>\n4.90%<\/td>\n<\/tr>\n
\u2193\u00a0 Under Construction (SF)<\/td>\n6,3658,372<\/td>\n8,178,013<\/td>\n7,727,192<\/td>\n9,239,358<\/td>\n11,073,748<\/td>\n<\/tr>\n
\u2191\u00a0 Inventory (SF)<\/td>\n237,611,080<\/td>\n235,628,884<\/td>\n234,238,978<\/td>\n232,748,983<\/td>\n230,917,207<\/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>
\n\t\t\t\n\t\t\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>
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<\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

The Seattle office market continues to struggle, with net absorption reaching -2.7 million square feet in Q3 2024, a decline from Q2\u2019s -2.5 million square feet. The vacancy rate increased to 15.7%, up from 15.1% in the previous quarter, indicating persistent challenges. The average asking rent decreased slightly to $36.82 per square foot annually, offering tenants softening rents and increased concessions. High availability and slow leasing momentum exert pressure on landlords, while trends like remote…<\/p>\n","protected":false},"author":39,"featured_media":6639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1085],"tags":[1137,1129,1143,1145],"class_list":["post-6636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-office","tag-market-report","tag-office","tag-office-market-report","tag-scotty-rowe"],"yoast_head":"\nQ3 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\/10\/23\/q3-2024-office-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 2024 Office Market Report\" \/>\n<meta property=\"og:description\" content=\"The Seattle office market continues to struggle, with net absorption reaching -2.7 million square feet in Q3 2024, a decline from Q2\u2019s -2.5 million square feet. The vacancy rate increased to 15.7%, up from 15.1% in the previous quarter, indicating persistent challenges. The average asking rent decreased slightly to $36.82 per square foot annually, offering tenants softening rents and increased concessions. 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