• Most of this quarter’s market statistics precede, and therefore do not reflect, any unfolding market impact due to the spread of the coronavirus (COVID-19) in Washington State.

 

  • Of the 6.9 million sq. ft. of office product currently under construction, 60% of it is pre-leased.

 

  • Vacancy in Downtown Seattle remained low by historic standards, floating around 7.3% for the past 3 quarters despite new construction deliveries. Many previously signed leases took occupancy during Q1, resulting in a positive net absorption of 158,867 sq. ft.

 

  • The entire Eastside experienced only 9,205 sq. ft. of absorption in Q1 2020, attributed to several larger tenants vacating in the Redmond submarket. However, Redmond maintained a low vacancy rate of 4.9%, compared to the total Eastside vacancy rate of 7.2%.