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Report: Puget Sound Office Leasing Picks Up Momentum
The Seattle/Puget Sound office market saw a modest uptick in tenant demand in Q2 2025, with leasing activity reaching 1.6 million square feet—an increase from Q1, according to a report by Savills.
Office availability in the region rose to 29.6% in Q2 2025, up 190 basis points from a year earlier. More than half of all submarkets saw annual increases, with I-90/East King County and Fremont/North Seattle surpassing 35% availability. The Seattle CBD remained high at 34.5%, while Bellevue CBD rose slightly to 28.8%.
While activity picked up, large-scale commitments remain limited as occupiers continue to reevaluate long-term space needs. Tech companies accounted for more than half of the top ten lease transactions.
Rents held near $45.80 per square foot, slipping just 0.6% year-over-year, though Class A space declined slightly more to $51.09 per square foot. Bellevue continued to outperform, with average CBD rents reaching $62.95 per square foot, driven by limited new supply and resilient tenant interest.
