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Office Report: Seattle CBD Vacancy Continues to Fall

SEATTLE-The overall vacancy rate in the central business district falls 90 basis points for the third consecutive quarter and now stands at 12.4%, while the direct CBD vacancy dips below 10% for the first time in three years. Meanwhile, overall vacancy in the Bellevue CBD drops 150 basis points to 8.2%.

By Brian K. Miller | Updated on October 09, 2005

SEATTLE-The office market here continued to improve through the third quarter of the year, with vacancy falling in both the Seattle and Bellevue CBDs, according to the latest market report from Cushman & Wakefield.

The overall vacancy rate in the Seattle CBD fell 90 basis points for the third consecutive quarter and now stands at 12.4%, while the direct vacancy fell 110 basis points to 9.7%, the first time it has been below 10% in three years. In the much smaller Bellevue market, overall CBD vacancy fell 150 basis points to 8.2% while direct vacancy fell 230 basis points to 6.7%.

The weighted average class A asking lease rates in the Seattle CBD dipped $0.09 during the quarter to $26.96 per sf per year. Seattle CBD leasing specialist Wende Sauvage tells GlobeSt.com that while the stats show an insignificant decrease, the view space in top tier class A buildings is actually up between $2 and $5 per sf. Weighted average class A asking lease rates in the Bellevue CBD rose $0.14 in the third quarter to $25.63, and is up $2.64 since this time last year.

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