Seattle Commercial Real Estate

Seattle Commercial and Office Space Overview

One of the crown jewels of the technology and software booms over the last three decades, Seattle has risen beyond its quaint early days as a logging and infrastructure town to a modern metropolis, sporting high-end manufacturing, software development, and an ever-changing cultural powerhouse in the Pacific Northwest. As one of the fastest growing cities in the country, Seattle is competitive, expensive, and ripe for new and innovative business ideas.

While most of the most visible companies operate within easy reach of the downtown area, Amazon’s commitment to the Belltown neighborhood, Microsoft’s presence in Bellevue and Kirkland, as well as Facebook, Google, and Apple opening offices in nearby neighborhoods shows that the city continues to be a hub for talent as well as economic diversity. With an affluent professional class that prides itself on its neighborhoods, companies seeking more affordable lease terms outside of the downtown area will find plenty of opportunities. Listings for commercial and office space currently average $42 per square foot/year.

Economy of Seattle

A global force for trade with China and Japan, Seattle was one of the first cities to fully rebound and prosper following the Great Recession. Stabilized by giants like Boeing and Amazon, wages and job creation has risen steadily over the last decade.

With a gross domestic product of $231 billion, Seattle’s economy is diverse and well-rounded, offering qualified candidates positions in traditional industrial sectors as well as new technologies, software development, advertising and marketing, global trade, manufacturing, defense contractors, retail, logistics, and wholesale. In addition, many of the world’s most visible and successful non-profit organizations call Seattle home, adding even more diversity to this expansive economic powerhouse.

Trends of Seattle

The city of Seattle has long been known as a rare bastion of culture in the Pacific Northwest. Despite some of the nation’s fastest rising home prices and residential leases, the city enjoys a thriving arts and culture scene, prompting young professionals to flock to the city in droves. Seattle gains, on average, 57 new residents per day, placing atop the list of the fastest growing cities in the nation.

In response to this explosive growth, companies have sought to expand to Seattle and take advantage of the competitive talent market, where young, affluent professionals are a dime a dozen and are eager to work, live, and play in the Emerald City.

Where to Rent Office Space in Seattle

Seattle is a unique city in that its various neighborhoods, which are largely divided by the region’s geography, have shown even growth in the commercial, retail, and office space real estate sectors. Due to an unreliable public transit system and some of the worst traffic in the country, Seattle’s residents have found refuge in neighborhood bars, restaurants, retail outlets, and shopping areas rather than venture into the always bustling downtown region.

That said, office and commercial space for businesses reliant on high visibility should consider staying within the borders of the primary peninsula, with neighborhoods like downtown, Belltown, Queen Anne, and Capitol Hill enjoying explosive growth in this real estate sector. For businesses requiring additional space for manufacturing, warehouse, logistics, or large-scale expansion to this thriving market, neighboring Bellevue, Kirkland, and Everett offer more lenient lease terms and rates compared to Seattle proper.

Shared Office Space in Seattle

Thanks to high commercial real estate terms and an ever-easing attitude toward traditional workplaces, shared office spaces in Seattle are booming - and people are taking notice. Whether you're a remote worker looking for a more structured environment, a full-time freelancer trying to get out of the house, or an entrepreneur on their way to their first permanent office space, a shared office space may be the perfect solution to your professional woes.