Seattle 2018 Effective Rent Index

BIDDING WAR CONTINUES FOR TALENT AND SPACE

Takeaway

Tech firms engaged in a bidding war for talent and quality space during 2017. Landlords were able to pull back on free rent and improvement allowances. Leasing volume in Seattle reached its highest intensity since 1999 and 2000, as top tech firms started warehousing space, and a few committed to entire properties. With limited quality space options, some owners may trim concessions in 2018. Free rent periods could fall slightly and tenants can also anticipate less flexibility on lease options.

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