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.

Overall, the Canadian-based firm described the fourth quarter of 2024 as a "clear turning point" for Seattle's office sector. Key fundamentals for the most part continue to improve. Notably, Seattle's 0.1 percent uptick in the vacancy rate to 30.1 percent marked the smallest increase since 2019. While inventory increased to 65.23 million square feet, from 64.64 million square feet quarter-over-quarter, no general office projects were under construction in the last three months of the year in the region.