TENANTS REMAIN ACTIVE
Tenants have leased 7.3 million square feet (msf) in the four most recent quarters, on par with the region's long-term average.
AVAILABILITY RATES UP SLIGHTLY
Seattle’s overall availability rate rose to 13.7% as new construction boosted space options. Downtown Seattle’s Class A availability rate jumped by 80 basis points to 12.0%.
SPIKE IN ASKING RENT
Overall and Class A asking rent both spiked significantly, rising to $35.44 and $46.96, respectively. The addition of new buildings such as 2&U, coupled with rent hikes in several buildings, boosted face rents. Asking rent for some space in the newest properties is pushing into the mid-$50/sfrange.
SALES SPIKE
Office property sales in the last six months through May 2018 totaled $1.1 billion, rising by 42% compared to the $756 million sold during the previous six months.
"Tenants and investors continue to pay record rent and prices for best-in-class space and assets. The gap in pricing for the most sought-after massive complexes and smaller and mid-sized space continues to widen."
Eric Leland, Senior Managing Director