During the last three months of 2024, Seattle's office market has continued to stay in negative territory in terms of demand. Net absorption was -194,000 square feet, according to a report from Colliers.

That said, the rate has continued to go down significantly over the past 12 months. For example, the level was at -449,000 square feet in the third quarter, and more than quadruple at -841,000 in the fourth quarter of 2023.

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