Overall Office Vacancy Drops for Second Straight Quarter

SEATTLE-Direct and overall vacancy in Puget Sound office market continued their slow move in opposite directions during the third quarter, according to the latest report from Colliers International.

Direct vacancy, which does not include sublease space, stands at 13.4% (11.3 million sf) after ending the first quarter at 13.1% and ending the second quarter at 13.3%. Overall vacancy, which includes sublease space, ended the first quarter at 16.6%, fell to 16.5% by the end of the second quarter and now stands at 16.1% as the fourth quarter begins.

In the 35.6 million-sf metropolitan market, the third quarter saw the first drop in vacancy rates since the second quarter of 2000, when it dropped from 1.9% to an all-time low of 0.62%. Overall vacancy in the city now stands at 15.5%, down from 15.7% at the end of the second quarter. Direct vacancy stands at 11.4%, which is largely unchanged from the end of the second quarter.