Puget Sound leasing picks up momentum following slow start to 2025

The Seattle/Puget Sound office market experienced a modest rebound in tenant demand during Q2 2025, with quarterly leasing activity rising to 1.6 million square feet (msf). This marks an improvement from Q1 but remains down from the 2.0 msf recorded in Q2 2024. Tech tenants continued to lead leasing activity, a consistent trend for the region, accounting for over half of the top ten lease deals. Notable transactions included OpenAI’s 69,000-square-foot lease in Bellevue Central Business District (CBD), along with sublease relocations by Legacy Group Capital and Stackline. Despite the uptick, large-scale commitments remain limited as occupiers reassess long-term space needs.

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