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Q2 2022 Eastside Office Report

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Eastside activity cooled this spring in the face of increasing economic uncertainties related to inflation, war in Ukraine, and supply chain disruptions. Year-to-date, there has been almost 750,000 square feet of positive absorption, primarily because Amazon moved into 1001 Towers. This brought vacancy to 9.4%, which is near the Q4 2020 vacancy prior to most of the pandemic occupancy adjustments of 2021 on the Eastside. Asking rents inching upward downtown suggested that despite the prevailing headwinds, there is sufficient demand in the face of still-dwindling supply of quality space. With 80.8% of the 5.6 million square feet under construction, there are not significant options on the horizon for tenants looking to lease in a new project.

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Q2 2022 Eastside 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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