Sublease availabilities continued climbing for the second consecutive quarter after declining steadily since their peak in Q1 2021. As Seattle’s vacancy rate hit 19.7%, the Eastside market’s vacancy rate also increased 1.1% to 10.5%, which was a notable increase not seen in nearly two years. Leasing velocity has declined in both markets, although Seattle’s numbers were boosted by Stackline’s 58,000 square foot lease in F5 Tower. The sublease market was hit particularly hard, with only six subleases signed in Seattle, and only
12 on the Eastside, down from 15 and 20 deals, respectively, the previous quarter. For a year over year comparison, there have been 42 subleases signed on the Eastside year to date as compared to 47 at this point last year. Seattle has seen 50 subleases signed this year as compared to 69 through Q3 of last year, a drop of 28%.