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Report: Seattle Office Leasing Activity Exceeds 2.4M SF in Q2 2026
The Seattle area office market continued to gain momentum in Q2 2026, with quarterly leasing activity reaching 2.4 million square feet, surpassing Q1 levels and bringing first-half activity to 4.6 million square feet, according to a recent report by Savills.
This marked the strongest quarterly leasing performance since early 2019 and the first time since then that the market recorded two consecutive quarters exceeding 2.0 million square feet of leasing volume. Leasing remained concentrated among larger occupiers, with a mix of renewals, relocations and new leases across multiple industries. Technology and artificial intelligence users are expected to remain key drivers of regional leasing activity.
The Bellevue central business district remained the region’s highest-priced submarket at $62.34 per square foot, followed by the Seattle central business district at $48.24 per square foot. Tenant preference for newer, amenitized buildings continues, and the ongoing decline in available space suggests market conditions are gradually stabilizing as occupiers make longer-term real estate decisions.
