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Q4 2022 Seattle Office Report

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Pressure on the leasing market continued to the end of Q4 2022, especially among Class B and C properties. Sale activity stagnated in part because of rising interest rates impacting markets nationally, while confidence in office demand continued to dwindle as companies’ return-to-office (RTO) mandates have yet to broadly materialize. According to the Downtown Seattle Association, only 36% of office workers were coming into the office in October. However, this could change in the new year as the economy slows and technology companies are challenged financially without the ability to seek inexpensive debt to fuel their growth. Some have already laid off hundreds of employees in the area. The power balance may shift from the employee to employer this year, in the face of economic headwinds that give RTO more influence. As a result, this could be an opportune time for companies to seek new space, as competition is poised to increase throughout 2023, particularly among companies more resilient to current economic conditions.

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Q4 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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