STEADY LEASING
Tenants have leased nearly 9.0 million square feet (msf) in the four most recent quarters, well above the market’s long-term average.
AVAILABILITY RATES PUSH LOWER
Seattle’s overall availability rate fell a full percentage point, decreasing from 13.9% to 12.9%. The Class A availability rate dipped by 70 basis points to 11.6%.
SPIKE IN ASKING RENT
The overall asking rent rose by 3.4% to $38.59. The Class A average rent rose by 4.0% to $48.74 as new product continued to boost rent. Asking rent for some space in the newest properties is pushing into the mid-$50/sf range.
SALES SPIKE
Office property sales during the first 11 months of 2018 totaled $4.9 billion, a 34% increase compared to the same period during 2017.
"Amazon’s choice of two alternate locations – one outside the nation’s capital and the other across from the U.S. financial capital – took some by surprise. Dividing up the operations between these two markets makes more sense. The two markets have nearly 15 million people and a workforce of more than 3 million combined, about five times the Seattle metro region.”
Eric Leland, Senior Managing Director