Office Space

Year end 2007:

• The region, through absorption, removed 1,936,604 square feet from the market. This contributed to a decline in the overall vacancy rate from 11.59% to 10.94% in 2007.
• Downtown Seattle, which makes up 44 percent of the Puget Sound office market, recorded vacancy rates declining from 10.51% at the end of 2006 to 9.43% at the end of 2007.
• In Downtown Seattle, the average asking lease rate in Class “A” office space increased from $28.46 to $35.54 square foot, fully serviced.

Source: CB Richard Ellis: Market View - Puget Sound Office 4Q 2007

Source: OfficeSpace.com

Above neighborhoods: Pioneer Square does not include the International District. Denny Regrade includes Denny Triangle and Belltown.

Source: CB Richard Ellis

• The Puget Sound office market saw its vacancy rate decrease from 11.59% at the end of 2006 to 10.94% at the end of 2007.
• The average vacancy rate nationally at the end of 2007 was 12.6%.

Sources: CB Richard Ellis (January 2008), The Wall Street Journal (January 2008)

Back to top