Seattle Market Snapshot Q3 2023

Office stakeholders anxiously awaited the passing of Labor Day weekend anticipating a resurgence in overall occupancy during the week, but fell short of expectations as daily average occupancy rates remained at ~50% throughout Q3 2023. Since the prior quarter, total overall office demand remained stagnant at ~1M SF of true demand, and total Seattle availability (direct vacancy + sublease vacancy future availability) also remained flat, at ~28%. With most known large-scale vacancies accounted for, we are optimistic that Seattle total availability will remain at 28% until we see larger tenant demand resurface downtown.