Seattle office sublease availability has increased over 171% since the start of the COVID-19 pandemic, with over 3.4 million square feet (msf) available at the end of Q2 2022. Despite the high figure, the total has steadily decreased since its peak of 4.3 msf, reached in Q1 2021.
Sublease availability accounts for nearly 21% of the total availability in the Seattle market. Nearly 88% of available sublease space is in the Seattle CBD. Sublessors have been forced to lower asking rates to attract subtenants, with asking rents dropping nearly 6% from a year ago, when asking rents for sublease space averaged $36.96 per square foot (psf).
Due to the uncertainty regarding the COVID variants, it is possible that more sublease space may come online in the next few quarters, placing downward pressure on market-wide overall asking rents. A robust sublease pipeline will create near record high vacancies as companies continue looking for cheaper options or remote work opportunities outside of the CBD. Download the report.
