Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
New call-to-action
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

Seattle & Northwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Seattle & Northwest  + Seattle  + Office  |  July 1, 2026
Jasmine Kilman
By: Jasmine Kilman

Puget Sound Office Market Shows Meaningful Recovery

The Puget Sound office market is showing signs of stabilization through the second quarter of 2026, with leasing activity surging to 3.4 million square feet year-to-date, a 62% increase from the 2.1 million square feet recorded during the same period in 2025.

According to a recent report by Cushman & Wakefield, overall vacancy ticked up modestly from 27.6% to 28.6% across the region. Absorption improved significantly from -2.41 million square feet in 2025 year-to-date to -386,368 square feet in 2026, signaling the market is approaching equilibrium.

“The first half of 2026 marked a meaningful turning point for the Puget Sound office market,” said Brian Cagayat, Research Manager, Pacific Northwest, Cushman & Wakefield. “The 62% year-over-year increase in leasing activity, combined with a sharp improvement in absorption, signals that occupiers are becoming more confident in making long-term real estate decisions.” The recovery was further reinforced by major lease transactions, including OpenAI’s 247,487-square-foot lease at City Center Plaza in Bellevue.

Read More News Stories About: Cushman & Wakefield
Connect

Inside The Story

Cushman & Wakefield

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
Order Reprints
New call-to-action