According to Cushman & Wakefield, downtown Seattle's overall vacancy rate stands at 13.8% in the second quarter. It was the same in the first quarter. Over the past two years, the vacancy rate has steadily risen in each quarter, so this is good news to property owners.
According to analysts, the stability seen this quarter may be indicative of an increase in demand for office space in the downtown area. Another key factor in the stabilization is the decrease of average office rents, which dropped to $26.38 from $26.75 from last quarter.However, in downtown Bellevue, the technology crash is still eminent, as office vacancies rose to more than 28%, which is the highest vacancy rate in the city in more than 20 years.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
