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Availability rates see decline after last year’s spike, CBD fundamentals remain tight
Seattle’s Q3 2019 overall availability rate of 11.8% reflects declines of 200 basis points and 40 basis points year over year and quarter over quarter, respectively. However, the current rate still reflects a 320-basis-point increase over the last two years. Class A availability rates followed a similar trend, declining 280 basis points year over year and 120 basis points during the third quarter, signaling a tightening of the upper-tier market. CBD and suburban fundamentals illustrate a striking disparity, with third-quarter availability rates of 9.8% in the CBD and 19.3% in the suburbs. Submarket availability rates range from 9.3% in Bellevue/Eastside and 10.0% in Downtown Seattle, to a high of 27.7% in Southend.