Market Indicators
Vacancy Rate
Forecast
Absorption SF
Construction SF
Class A Rental Rate
YOY
Key Takeaways - Q4 2019
Net absorption reached 2.1 million SF, owing to Amazon’s Belltown occupancies.
When completed, current developments will bump Bellevue’s total office inventory 14% and Seattle’s 7.4%.
Direct vacant space fell 90 basis points regionwide over the year, reflecting demand from large tech and e-commerce tenants.
Class A average asking rates increased regionally, with the Bellevue CBD’s 7.7% jump from Q1 2019 one of the biggest changes.
Investment volume fell more than 86% following Q4 2019’s rush to close transactions before the new excise tax.
Development Pipeline
Investment Activity
Jacob Pavlik
Research Manager | Portland jacob.pavlik@colliers.com
+1 503.499.0093
Back to the Top
For Information and Inquiries
Research &
Forecast Report
Puget Sound
Office Market
The Puget Sound office market saw another record quarter of growth, mostly due to the ongoing expansion of technology and e-commerce companies. Net absorption surpassed 2 million SF across the market. Class A rental rates continued to rise, reaching $55.41 per SF in the Seattle CBD and $61.87 per SF in the Bellevue CBD. While economic forecasts have been downgraded to reflect the new reality of the coronavirus pandemic, strong fundamentals will keep the region stable.
Read on for an overview of the Puget Sound’s performance in Q1 2020.
Q1 2020
Research &
Forecast Report
Puget Sound
Office Market
Q1 2020
Quarterly Market Report Coming Soon
Market
report
Download Quarterly Snapshot
Quarterly Market Report Coming Soon
[ COMING SOON ]
In the midst of the COVID-19 outbreak, information and data is emerging at a quick and uneven rate. The information contained herein has been obtained from sources deemed reliable at the time the report was written. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
Bellevue
Skyline
seattle
skyline
Market
Report
Bellevue
Skyline
seattle
skyline
Click the buttons below to access the full
Q1 2020 Research & Forecast and Skyline reports
Click the buttons below to access the full
Q1 2020 Research & Forecast and Skyline reports
Nicholas Carlsen
Research Analyst | Seattle nicholas.carlsen@colliers.com
+1 206.223.1440