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Q1 2021 Seattle Submarket Office Report

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Anchored by large well-capitalized companies, Seattle has weathered the COVID-19 pandemic well, compared to other large metros. Since Amazon announced a full return to the office, writing off a hybrid office environment where workers split time at home and the office, other companies will give more credibility to that strategy going forward. South Lake Union will see nearly 1.4 million sq. ft. of new product hitting their market. This is well-timed as attention has shifted to companies in the biotechnology and life sciences space. The glut of sublease space (5.5% of inventory) and increase in operating expenses (6.7% from 2020 to 2021) is pressuring rents below their pre-pandemic peaks. 

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Q1 2021 Seattle Submarket Office Report

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Jacob Pavlik

Research Manager

Seattle

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.

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