Downtown Seattle experienced the smallest increase in the region, rising from 13.97% to 14.57%. Vacancy in the Downtown CBD dropped from 12.68% to 12.5%, while vacancy in the Downtown Waterfront submarket rose to 22%.
Across Lake Washington, vacancy rates on the Eastside increased from 16.06% to 16.69% in the third quarter, its third straight quarter of only slight increases. Sublease space made up approximately 57% of the Eastside's vacant space. The Bellevue CBD remains the most vacant submarket on the Eastside at 25.7%.
South of Seattle in the Tacoma-Federal Way area, vacancy rose 5.56 points during the quarter to 16.08% on 175,000 sf of negative absorption, the worst showing in the region. North of Seattle in Snohomish County, overall vacancy dropped slightly, from 21.31% to 21.1%, but retains the highest average vacancy rate in the region.
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