Seattle Market Snapshot Q2 2023

Unlike other post-pandemic quarters, Q2 2023 realized some material changes in overall fundamentals as we saw large increases in total vacancy coupled with decreases in average asking rates throughout all office building classifications in the Seattle area. Seattle total availability (vacant space PLUS occupied space being marketed as available) reached a new high of 28%. This is largely the bi-product of large contiguous blocks of available office space hitting the market while larger users (e.g. full-floor or greater) have not yet resurfaced in the marketplace.