Seattle Real Estate Market Reports

Seattle Office Market

Leasing activity held steady in Q4, totaling 1.85M sf, with tenant commitments remaining consistent but momentum cooling from Q3. Seattle generated more leases by count—mostly smaller requirements—while the Eastside dominated in overall deal size, led by tech and life science users. Average lease sizes flattened year‑over‑year, reinforcing a “new equilibrium” rather than ongoing growth. Sublease availability fell from 4.3% to 3.8%, suggesting stabilization as tenants reclaim space or opt for turnkey solutions.

Seattle Industrial Market

Demand has stabilized at a steady state, with 2025 leasing volume at 15.55M sq. ft., nearly matching 2024 and indicating equilibrium between tenant requirements and available space. Vacancy growth remains supply‑driven, as speculative deliveries in Pierce County and the Southend—mostly unpreleased—continue to elevate direct availability despite steady tenant activity. Sublease activity remains limited, with a 2.1% sublease availability rate and only minimal quarter‑over‑quarter movement, as most new availabilities are direct listings. Tenants moving into Class A space often sublease older facilities rather than fully vacate.