Seattle-Tacoma Office Market Report

Positive net absorption reemerges. Although metrowide vacancy remains above the 2019 level entering the second quarter, recent leasing activity indicates Seattle’s office market may be turning the corner. Over the past four quarters ending in March, tenants absorbed nearly 2 million square feet of space, the largest 12-month total since the onset of the health crisis. Office demand is strongest in Eastside neighborhoods, driven by high-profile tech firms like Amazon and Meta taking large blocks of space off the market. Leasing has also ramped up in Downtown Seattle, with local net absorption returning to positive territory and surpassing the 500,000- square-foot threshold in the trailing 12-month period.