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Q1 2022 Eastside Office Market Report

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2022 brings a new level of activity for the Eastside office market. In the last two years, since Q1 2020, there have not been three quarters in a row with positive net absorption until now, with the delivery of fully-leased 1001 Towers. Niantic Inc., Intellectual Ventures, Charles Schwab & Co., and Base2 Solutions all signed deals this quarter greater than 15,000 square feet, accounting for almost 185,000 square feet of leasing activity. There are a considerable number of sale opportunities coming to the market, meaning this could be a strong year for office sales on the Eastside. The largest sale of the quarter was American Assets Trust purchasing Bel-Spring 520 from Swift Real Estate Partners for $45.5 million, or $495 per square foot (note: the property was only 69% occupied at the time of sale). 

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Q1 2022 Eastside Office Market 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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