11225 SE 6th Street
Suite 240
Bellevue, WA 98004
Main + 1 425 453 4545
Fax + 1 425 453 4540

Derek Heed
Senior Vice President and Managing Director
+1 425 453 3133

Q4 2016 Puget Sound Office Knowledge Report

The Seattle/Puget Sound office market ended 2016 with a bang. The regional vacancy rate ended the year at 8.6% following 4.4 million SF of deliveries since January 2016. Net absorption for Q4 surpassed 1.4 million SF as Amazon moved into its second 1 million SF tower and also opened up the 383,476 SF south tower at the Troy Block. The Seattle region enjoyed its 27th straight quarter of positive absorption as 2016 blew past 2015 by over 1.4 million SF. Jobs continue to pour into the Puget Sound, assisting the vitality of the office market. From November 2015 to November 2016, the Seattle-Bellevue-Everett metro area added 53,500 jobs, according to the Washington State Employment Security Department.

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