{"id":8487,"date":"2026-04-29T08:50:11","date_gmt":"2026-04-29T15:50:11","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=8487"},"modified":"2026-08-07T11:48:18","modified_gmt":"2026-08-07T18:48:18","slug":"q1-2026-puget-sound-office-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/04\/29\/q1-2026-puget-sound-office-market-report\/","title":{"rendered":"Q1 2026 Pacific Northwest Office Market Report"},"content":{"rendered":"<div id=\"pl-8487\"  class=\"panel-layout\" ><div id=\"pg-8487-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8487-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8487-0-0-0\" 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-dbf295114b96-8487\"\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\/2026\/04\/39-768x573.jpg\" width=\"768\" height=\"573\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/39-768x573.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/39-300x224.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/39-1024x764.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/39-1536x1145.jpg 1536w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/39.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"Old City Hall\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-8487-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8487-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-8487-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-8487\"\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-8487-0-1-1\" 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>Leasing activity in Seattle is slowly increasing, as vacancy continued its gradual decline from the Q3 2025 peak. Several technology tenants signed large leases this quarter, including OpenAI, Uber and Meta. General Motors leased two floors, formerly occupied by Amazon, for a new software engineering hub. With minimal near-term deliveries on the horizon and residential conversions becoming more prevalent, the vacancy rate will continue improving. Sales activity continues to be driven by owner users, private capital targeting value-add opportunities, and developers looking at buildings to convert. One of the largest sales was PGIM and High Street Residential buying 11040 Main Street in Bellevue for $34.2 million. The companies plan to demolish the Class B building and replace it with 351 apartment units.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8487-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-8487-0-2-0\" 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-c4f6304fc136-8487\"\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\/2026\/04\/Pacific-Northwest-Office.pdf\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/National-Report-Cover-Taken-from-their-report-once-public.jpg\" width=\"612\" height=\"791\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/National-Report-Cover-Taken-from-their-report-once-public.jpg 612w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/National-Report-Cover-Taken-from-their-report-once-public-232x300.jpg 232w\" sizes=\"(max-width: 612px) 100vw, 612px\" title=\"National Report Cover (Taken from their report once public)\" alt=\"Lee &amp; Associates North America Market Research Report Cover, Q1 2026\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-8487-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-8487-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-8487\"\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\/2026\/04\/Pacific-Northwest-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-8487-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8487-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8487-1-0-0\" 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-8487-1-0-0\" ><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: 217px;width: 100.471%\">\n<thead>\n<tr style=\"height: 48px;border-bottom: 1px #7e8082;background-color: #009ad9;color: #ffffff\">\n<th style=\"width: 17.8146%;height: 48px\">MARKET INDICATORS<\/th>\n<th style=\"width: 13.9073%;height: 48px\">Q1 2026<\/th>\n<th style=\"width: 13.9073%;height: 48px\">Q4 2025<\/th>\n<th style=\"width: 13.9073%;height: 48px\">Q3 2025<\/th>\n<th style=\"width: 13.9073%;height: 48px\">Q2 2025<\/th>\n<th style=\"width: 13.9073%;height: 48px\">Q1 2025<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.8146%;height: 25px;text-align: left\">\u2193 12 Mo. Net Absorption (Units)<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">(1109,772)<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">793,841<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">2,158,452<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">935,892<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">98,114<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;height: 24px;text-align: left\">\u2193 Vacancy Rate (%)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">16.79%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">16.90%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">17.20%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">17.10%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">16.2%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;height: 24px;text-align: left\">\u2193 Asking Rent \/ Unit ($)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$37.30<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$38.11<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$37.19<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$36.51<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$37.28<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;text-align: left;height: 24px\">\u2193\u00a0 Sale Price \/ Unit<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$387.19<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$397.25<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$424.85<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$500.44<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">$379.00<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 17.8146%;text-align: left;height: 24px\">\u2193 Cap Rate (%)<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.58%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.70%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.20%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">6.30%<\/td>\n<td style=\"width: 13.9073%;height: 24px;text-align: center\">7.50%<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.8146%;height: 23px;text-align: left\">\u2191 Under Construction (Units)<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">4,130,427<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">4,088,790<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">4,835,532<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">4,806,240<\/td>\n<td style=\"width: 13.9073%;height: 23px;text-align: center\">5,796,633<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 17.8146%;height: 25px;text-align: left\">\u2191 Inventory (Units)<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">238,386,719<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">236,562,695<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">237,094,384<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">234,943,243<\/td>\n<td style=\"width: 13.9073%;height: 25px;text-align: center\">236,868,599<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8487-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8487-1-1-0\" 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-708a38a4b005-8487\"\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\/research-2\/\"\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-8487-1-1-1\" 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-8487\"\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-8487-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8487-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8487-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8487-2-1-0\" 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-f8de89738f31-8487\"\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\/2026\/01\/2025-Q4-Pacific-Northwest-WA-Office.pdf\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" target=\"_blank\" rel=\"noopener noreferrer\" \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-8487-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-8487-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Leasing activity in Seattle is slowly increasing, as vacancy continued its gradual decline from the Q3 2025 peak. Several technology tenants signed large leases this quarter, including OpenAI, Uber and Meta. General Motors leased two floors, formerly occupied by Amazon, for a new software engineering hub. With minimal near-term deliveries on the horizon and residential conversions becoming more prevalent, the vacancy rate will continue improving. Sales activity continues to be driven by owner users, private&#8230;<\/p>\n","protected":false},"author":244,"featured_media":8502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1085],"tags":[1101],"class_list":["post-8487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-office","tag-alex-muir"],"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>Q1 2026 Pacific Northwest 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\/2026\/04\/29\/q1-2026-puget-sound-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 2026 Pacific Northwest Office Market Report\" \/>\n<meta property=\"og:description\" content=\"Leasing activity in Seattle is slowly increasing, as vacancy continued its gradual decline from the Q3 2025 peak. Several technology tenants signed large leases this quarter, including OpenAI, Uber and Meta. General Motors leased two floors, formerly occupied by Amazon, for a new software engineering hub. With minimal near-term deliveries on the horizon and residential conversions becoming more prevalent, the vacancy rate will continue improving. Sales activity continues to be driven by owner users, private...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2026\/04\/29\/q1-2026-puget-sound-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=\"2026-04-29T15:50:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-07T18:48:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/04\/Office-Q1-2026.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=\"sthomson\" \/>\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=\"sthomson\" \/>\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\\\/2026\\\/04\\\/29\\\/q1-2026-puget-sound-office-market-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-puget-sound-office-market-report\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Q1 2026 Pacific Northwest Office Market Report\",\"datePublished\":\"2026-04-29T15:50:11+00:00\",\"dateModified\":\"2026-08-07T18:48:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-puget-sound-office-market-report\\\/\"},\"wordCount\":474,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-puget-sound-office-market-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2026\\\/04\\\/Office-Q1-2026.png\",\"keywords\":[\"alex muir\"],\"articleSection\":[\"Market Report\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-puget-sound-office-market-report\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/04\\\/29\\\/q1-2026-puget-sound-office-market-report\\\/\",\"name\":\"Q1 2026 Pacific Northwest Office Market Report - Lee &amp; 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