Seattle/Puget Sound direct and sublease availability show signs of stabilization
In Q4 2023, the Seattle/Puget Sound office market stabilized, maintaining a consistent availability rate of 29.5% since the previous quarter. This rate, unaltered since Q3, indicates a phase of stabilization in a fundamentally transformed office space landscape. Key areas such as Seattle CBD. Eastside, and Northend experienced a slight decrease in available space. Additionally, sublease space availability significantly dropped from 8.3 million square feet (msf) to 7.7 msf, contributing to the overall market's stability as direct space continues to enter the market.