Seattle Office Market Continues to Struggle as Vacancy Rates Rise for Ninth Consecutive Quarter

A new Q1 report from Kidder Mathews shows regional vacancy rates in the Seattle area rising to 15.1%, up from 13.9% at the end of 2023, the ninth consecutive quarterly increase.

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It also marked the ninth straight quarter of negative net office absorption, which is calculated by the total amount of space occupied (moved into) minus the total space vacated (moved out) in a given quarter...

Before the pandemic, vacancy rates in the Seattle region were around 6%.

John Sexton

Hybrid work schedules are the new norm everywhere. Seattle's numbers are nowhere near as bad as San Francisco's but it's still a problem that probably isn't going to go away anytime soon.

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