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Seattle Office Market

Average Asking Rent (Price/SF) $36.91
Vacancy Rate (%) 8.5%
Net Absorption (SF) 1,498,038

The Puget Sound office market continued to roll in the third quarter of 2018, with asking rents edging upward 0.6% to a new record high of $36.91/SF and positive absorption of 1,498,038 square feet. Average asking rent on the Eastside increased slightly to $41.10/SF, up 0.7% from the prior quarter. The Eastside also experienced another quarter of positive absorption, totaling 223,654 square feet. The Redmond submarket was a particularly strong performer in the third quarter, as rents increased 3.8%, vacancy dropped 260 basis points from 5.7% to 3.1%, and absorption was positive 83,975 square feet. This surge in the Redmond submarket can be attributed to the rapid expansion of Oculus, which has leased nearly 700,000 square feet of office space in Redmond since the beginning of 2017, mostly on Willows Road.

Seattle Industrial Market

Average Asking Rent (Price/SF)                      $8.46
Vacancy Rate (%)       3.2%
Net Absorption (SF) 795,310

The surging Puget Sound economy continues to push the industrial real estate market upward. Job growth, population growth and employment rates are all at or near record levels, with job and population growth rates far exceeding national averages. The continued rise of online shopping is having a direct impact on industrial real estate. Amazon is the obvious giant in the industry, but other retailers have been attempting to make up lost ground by taking a page out of the Amazon playbook, investing in last-mile logistics centers and enhanced distribution facilities.



Seattle Office Market Report
3Q18
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Seattle Industrial Market Report
3Q18
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