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Q3 2022 Seattle Office Report

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The Seattle office market continued to swing in favor of tenants this quarter as rents declined and absorption remained decisively negative. So far this year, Seattle CBD tenants have given back 1.8 million square feet of space as they let leases expire and sought out space in more affordable areas with more incentives. Judging from national trends reported by Kastle Systems “Back to Work Barometer,” the return to office gained significant ground in early September, improving more than 4%. It has since plateaued, and it remains to be seen how that number will progress. Meanwhile sublease availabilities continued to climb to nearly 3.4 million square feet, accounting for 5.3 percent of Seattle’s inventory. Development activity slowed during Q3 as developers continue to wait until economic conditions stabilize to ensure projects will merit investment before proceeding with construction.

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Q3 2022 Seattle 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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