Puget Sound office market enters 2025 with cautious momentum

The Seattle/Puget Sound office market entered the new year with office space demand roughly flat from last quarter at 1.2 million square feet (msf). Once again, the Seattle CBD and the Bellevue CBD combined for approximately 65% of all leasing activity in the region. Larger occupies such as Puget Sound Energy renewed for 134,601 square feet (sf) at The Summit in Bellevue CBD, while Tommy Bahama renewed for 125,000 sf at 400 Fairview Avenue North in South Lake Union, respectively. While generative Al and cloud computing firms have been active in the market, major lease deals remain limited at this time as tech companies continue to proceed cautiously with regards to their office space needs.

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