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Seattle Improves in Two Categories and Slips in One
The July edition of CBRE’s Pulse of Office Demand report found that Seattle improved in two categories and slipped in one. For each index, a reading of 100 equates to pre-crisis conditions of 2018 and 2019.
Seattle stood out for its leasing activity, which was 7 percent above its pre-pandemic baseline, ranking it second among the top U.S. markets and 31 percent above the U.S. average of 72. Seattle gained 23 points on the leasing activity index from June 2021, marking the second monthly increase.
The market’s sublease availability index stood at 285 in July, down 12 points from its pandemic-era peak seen in June 2021.
“To be sure, various factors such as the Delta variant of COVID-19 have hampered both the national economic and office-market recoveries as well as companies’ plans to return to normal office occupancy,” said Julie Whelan, CBRE global head of occupier research. “We might see an influence on the indexes in August or September from companies opting to delay their full return to the office. But there is some cause for optimism due to early signs that the recent virus resurgence may be peaking.”
- ◦Lease
