Seattle Ranks in Top Five Markets with Significant Recovery Progress

Seattle’s office market has recovered well so far this year relative to many of the other top 12 U.S. office markets, due in part to strong leasing activity that exceeds pre-pandemic levels, according to a new report from CBRE. Overall, CBRE classifies Seattle among the top five markets showing significant recovery progress as of July.

CBRE’s new monthly Pulse of Office Demand report tracks three major indices to gauge the office market’s recovery from the COVID-19 downturn, both nationally and for each of the 12 markets. The report examines tenant-in-market activity which entails companies actively seeking office space, leasing activity in the form of finalized lease agreements and sublease availability.

“Seattle’s strong recovery is a result of its highly educated workforce, relative affordability and outstanding quality of life,” said Steve Schwartz, CBRE senior vice president. “The market is experiencing continued growth of tech and life science companies already located here and numerous organizations seeking a new footprint in the region. The recent reduction of tenants in the market is likely a seasonal aberration but one that we will be monitoring in the months ahead.”