Leasing momentum: Seattle/Puget Sound office market gains pace
The Puget Sound office market began 2024 with a significant increase in leasing activity, registering 1.5 million square feet (msf) – exceeding any single quarter since Q4 2022 and marginally surpassing the five-year average for the region. Bellevue CBD emerged as a center for transactions, claiming nearly half of this activity with 729,000 square feet (sf) leased. Despite a smaller transaction volume of 384,000 sf, Seattle CBD still experienced a busy quarter with 65 leases signed, contrasting with Bellevue CBD's 23. This indicates an average deal size of approximately 6,000 sf in Seattle CBD and a substantial 32,000 sf in Bellevue CBD.