A recent report from Savills reveals that the Seattle and Puget Sound office market began 2026 with stronger leasing momentum, as activity reached 2.1 million square feet, up from 1.8 million square feet one year ago.
Overall availability fell 270 basis points year-over-year to 27.1%, marking the lowest level since late 2024. This compression was driven by gains in core submarkets, with Seattle CBD availability declining to 33.2% and Bellevue CBD falling to 25.3%, both representing their lowest levels in over a year.
Leasing was concentrated in larger transactions, led by Microsoft Corporation’s 352,439-square-foot renewal at Redmond Town Center, along with several expansions in Bellevue, including OpenAI at 247,487 square feet and Snap Inc. at 40,024 square feet.
Average asking rents increased 0.8% year over year to $45.78 per square foot, while Class A rents rose 1.8% to $51.52. Bellevue CBD remained the region’s most expensive submarket at $63.16 per square foot, followed by Seattle CBD at $48.09 per square foot.
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