While rents have risen sharply in Seattle in recent years, rates vary greatly from neighborhood to neighborhood. Click the infographic below for more information from Zumper.
At the end of 2016, total office vacancies stood at 9.2 percent, with average asking rents up 2.7 percent year over year to $34.90 per square foot fully serviced. The downtown Seattle and Bellevue office markets are roughly midway through a peaking real estate market cycle, according to the JLL report. JLJ senior vice president Daniel Seger describes the market as “still incredibly strong” and anticipates continued rent growth this year.
The continued demand for space is helping transform downtown Seattle and Bellevue. In Seattle, it’s helping revitalize the area around City Hall where two new office developments -- The Mark, a $400 million, 528,000–square-foot office project by Seattle’s Daniels Real Estate and Madison Centre, a $157 million mixed use project with 746,000 square feet of office space and 8,000 square feet of retail space by Bellevue’s Schnitzer West LLC -- will be completed this year.
Meanwhile, recent leasing activity has made Bellevue a more balanced market says JLL managing director Chris Hughes. “Moving forward Bellevue will be a little more broad a marketplace with a better balance of tenants than in the last cycle,” Hughes said. “That will be a benefit moving forward.”