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Seattle’s Absorption Hits 4M SF, Highest in a Decade
Puget Sound’s commercial real estate market remained among the strongest in the country. In fact, research by Colliers International shows significant positive net office absorption in Q3 contributed to a year-to-date total of nearly four million square feet, the highest year-to-date total in the past decade.
Colliers wrote in its latest report, “A combination of notable lease commencements, limited new availabilities, and the delivery of majority pre-leased new construction led to strong net absorption and historically low overall vacancy in the region in Q3.”
Highlights from the past three months include:
– Overall, regional vacancy fell to 7.4% due mainly to strong leasing and few space returns.
– Rents continued to rise, with Class A space commanding $52.17/SF in the Seattle CBD and $58.84/SF in the Bellevue CBD.
– Big tech, co-working and biotech drove leasing activity.
– There was 6.7 million square feet of office properties under construction as of the end of September region-wide, 75% of which is pre-leased.
*Photo courtesy of Colliers International
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