Downtown Seattle poured on the initial wave of COVID-19 sublease space in Puget Sound, and though space is down m/m very slightly (-0.1%), the faucet turned back on in early September as it’s up substantially over Q2 (30%) and from pre-pandemic levels (47%). The 3.2M SF of sublease space currently on the market represents a 15-year high, both in terms of % of inventory on the market and in total SF. The Pioneer Square submarket has shouldered most of downtown’s recent growth in space, jumping 120% in two months from 206K SF to 454K SF available, or from 3.1% to 6.8% of inventory available for sublet. Big Fish Games 186K SF space accounts for most of that number. The CBD lost or absorbed 73K SF of space m/m, however from August to September it also jumped 214K SF, netting a 7.4% jump in the past two months. Belltown, Lake Union, and Ballard/U Dist. have held relatively firm over the past few months.
Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively. At Colliers, he leads a team of researchers to collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.
His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in the Pacific Northwest evolves over time.