{"id":9329,"date":"2026-09-17T10:40:00","date_gmt":"2026-09-17T17:40:00","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=9329"},"modified":"2026-09-17T10:50:17","modified_gmt":"2026-09-17T17:50:17","slug":"q2-2026-office-market-report-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/17\/q2-2026-office-market-report-2\/","title":{"rendered":"Q2 2026 Office Market Report"},"content":{"rendered":"<div id=\"pl-9329\"  class=\"panel-layout\" ><div id=\"pg-9329-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9329-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9329-0-0-0\" 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-c4f6304fc136-9329\"\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\/07\/Q2-2026-Puget-Sound-Market-Report.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\/07\/Cover-Page.png\" width=\"396\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/07\/Cover-Page.png 396w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/07\/Cover-Page-232x300.png 232w\" sizes=\"(max-width: 396px) 100vw, 396px\" title=\"Cover Page\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-9329-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-9329-0-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-9329-0-1-0\" ><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<div id=\"panel-38137-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"0\">\n<div class=\"panel-widget-style panel-widget-style-for-38137-0-0-0\">\n<div class=\"so-widget-sow-editor so-widget-sow-editor-base\">\n<div class=\"siteorigin-widget-tinymce textwidget\">\n<h2>OFFICE MARKET OVERVIEW<\/h2>\n<p>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. <a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/07\/Pacific-Northwest-Office.pdf\">READ MORE &gt;<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-9329-0-1-1\" class=\"so-panel widget widget_sow-button\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-b2e721af0909-9329\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-left\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/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\tNATIONAL REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><div id=\"panel-9329-0-1-2\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-c4c46ef2d678-9329\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-left\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/commercial-real-estate-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\tRESEARCH ARCHIVE\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-9329-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9329-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9329-1-0-0\" class=\"so-panel widget widget_sow-button panel-first-child panel-last-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-wire-88f4b320eb99-9329\"\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\/07\/Q2-2026-Puget-Sound-Market-Report.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\tFULL REPORT\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-9329-1-1\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9329-1-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-9329-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-9329-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9329-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9329-2-1\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9329-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-9329-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>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&#8230;<\/p>\n","protected":false},"author":183,"featured_media":9320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1085],"tags":[1137,1186,1187],"class_list":["post-9329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-office","tag-market-report","tag-multifamily","tag-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q2 2026 Office Market Report - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"description\" content=\"Read the Q2 2026 Puget Sound Market Report with expert analysis of office, industrial, multifamily, and retail commercial real estate trends.\" \/>\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\/09\/17\/q2-2026-office-market-report-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2026 Office Market Report\" \/>\n<meta property=\"og:description\" content=\"Read the Q2 2026 Puget Sound Market Report with expert analysis of office, industrial, multifamily, and retail commercial real estate trends.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/17\/q2-2026-office-market-report-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; 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