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Q3 2022 Seattle and Eastside Sublease Trends

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Summary
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%.

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Q3 2022 Seattle and Eastside Sublease Trends

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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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