OfficeSpace.com released its Seattle Office Market Q2 Quarterly Report today to a steady market and significant office expansions.
Vacancy rates have remained steady rising slightly from 14.4% in Q1 to 14.5% in Q2 while rental rates increased slightly from $25.83 to $26.38 respectively.
The biggest change in Seattle is the anticipated major office expansion from Amazon.com in the Denny Regrade neighborhood. This expansion is expected to add 3,000,000 square feet of class A office space. Additionally, Seattle mayor Mike McGinn has proposed increasing the office tower limit to 240 feet, up from the current 124 feet in South Lake Union.
To purchase this report for more information on major expansions and a breakdown of absorption rates by submarket, please contact John Heimbigner at [email protected].