Driven by large renewals, sizeable new leases, and substantial tenant move-ins, the quarter showcased the momentum of the region’s office market. By the close of Q2, the Puget Sound office market experienced 845,294 sq. ft. of positive absorption.
By taking advantage of their urban environments and amenities, Class A office buildings continue to lure users looking to attract and retain their employee talent.
As vacancy continues to decline, the anticipation for new construction grows; Skanska’s 2+U and Kilroy’s 333 Dexter are among the 4.2 msf of Class A office under construction in downtown Seattle.
The light on the horizon continues to be the Southport Office Campus in Renton, which will bring 688,147 sq. ft. of Class A space to the suburban market by 2019