{"id":9382,"date":"2026-11-04T13:36:49","date_gmt":"2026-11-04T21:36:49","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=9382"},"modified":"2026-11-04T13:38:55","modified_gmt":"2026-11-04T21:38:55","slug":"q2-2026-office-market-report-2-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/11\/04\/q2-2026-office-market-report-2-2\/","title":{"rendered":"Q3 2026 Office Market Report"},"content":{"rendered":"<div id=\"pl-9382\"  class=\"panel-layout\" ><div id=\"pg-9382-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9382-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9382-0-0-0\" 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-c4f6304fc136-9382\"\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\/11\/2026-Q3-Pacific-Northwest-WA-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\/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-9382-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-9382-0-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-9382-0-1-0\" ><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 dropped slightly quarter-over-quarter, with 2026 on pace to be the best year for net absorption since 2021. The wave of Bay Area tech companies growing in the region continued. Databricks\u2019 lease of more than 142,000 square feet in Four106, a new development in the Bellevue CBD, was the largest of the quarter. Its presence has surpassed 270,000 square feet in Puget Sound, with the company establishing large offices in both Seattle and Bellevue. The three largest sales of Q3 are emblematic of what\u2019s driving investment activity; namely medical office buildings, owner-users, and local value-add investors acquiring downtown properties at steep discounts. While these trends should continue, there are several large core and core-plus transactions that should also close before year-end. <a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/11\/2026-Q3-Pacific-Northwest-WA-Office.pdf\">READ MORE &gt;<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-9382-0-1-1\" 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-b2e721af0909-9382\"\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-9382-0-1-2\" 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-c4c46ef2d678-9382\"\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-9382-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9382-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9382-1-0-0\" 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-88f4b320eb99-9382\"\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\/11\/2026-Q3-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\tFULL REPORT\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-9382-1-1\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9382-1-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-9382-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-9382-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9382-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9382-2-1\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9382-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-9382-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>OFFICE MARKET OVERVIEW Vacancy dropped slightly quarter-over-quarter, with 2026 on pace to be the best year for net absorption since 2021. The wave of Bay Area tech companies growing in the region continued. Databricks\u2019 lease of more than 142,000 square feet in Four106, a new development in the Bellevue CBD, was the largest of the quarter. Its presence has surpassed 270,000 square feet in Puget Sound, with the company establishing large offices in both Seattle&#8230;<\/p>\n","protected":false},"author":183,"featured_media":9368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1085],"tags":[1137,1187],"class_list":["post-9382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-office","tag-market-report","tag-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.8 (Yoast SEO v28.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q3 2026 Office Market Report - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"description\" content=\"Read the Q3 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\/11\/04\/q2-2026-office-market-report-2-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 2026 Office Market Report\" \/>\n<meta property=\"og:description\" content=\"Read the Q3 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\/11\/04\/q2-2026-office-market-report-2-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; 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