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Q3 2024 Seattle Office Market Report

Vacancy in the Downtown Seattle Office Market rose a full percentage point between Q2 2024 and Q3 2024 up to 26.9%. This includes 23.6% of direct vacancy and 3.3% of sublease vacancy. The trailing 12-month net absorption for the Downtown Seattle Office Market at the end of Q3 2024 is (2,519,694) RSF. The amount of office space under construction is approximately 1,725,530 RSF.

The market will remain favorable for tenants into 2025 and beyond with vacancy expected to continue rising and more buildings repositioning to the new market.

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