Class A asking rents hold flat as availability stabilizes
In the fourth quarter of 2019, Seattle's overall average office asking rent was $39.91 per square foot (psf), reflecting a 4.0% increase over the quarter, but a more muted 1.0% increase over the last year. Rents ranged from a low of $25.65 psf in Tacoma, to a high of $46.54 psf in Downtown Seattle. Class A rents held flat year over year, even with a 2.9% over the quarter, now standing at $48.99 psf. In 2019, rents in the Central Business District (CBD) increased by a mere 0.9% to $44.98 psf, while suburban rents increased 4.8% to $29.81 psf. All submarkets except Bellevue/ Eastside registered positive year-over-year overall rent growth.