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Seattle and Eastside Office Sublease Trends | February 2021

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Seattle
December and January’s holiday lull of sublease additions to the market quickly went away when Third & Harrison (175,000 sq. ft.), F5 Tower (115,000 sq. ft.), Puget Sound Plaza (50,000 sq. ft.), and Russell Investments Center (44,000 sq. ft.) all put sizeable blocks of space on the market in February, alongside 4 more spaces of at least 10,000 sq. ft. The CBD saw a net increase of 214,000 sq. ft. over the month, pushing total available space there up to 2.45 million sq. ft. (7.1% of CBD inventory). Lake Union, with 33,000 sq. ft. coming on at Alley 24 and 26,000 sq. ft. coming on at 400 Fairview, saw a net increase of 57,000 sq. ft., pushing total available space there up to 249,000 sq. ft. (2% of Lake Union inventory). Pioneer Square, Belltown, and Ballard/U District remained stable, adding just 7,000 sq. ft. combined. Though leasing has picked up (85,000 sq. ft. of sublease spaces signed since December compared to just 37,000 sq. ft. of space between March and November 2020), it has not been nearly enough to counteract the space coming on which now totals 4.3 million sq. ft. across Downtown Seattle.

Eastside
February brought the Eastside an additional 245,000 sq. ft. of sublease space, pushing total space available up to 1.74 million sq. ft., and 1.22 million sq. ft. added since Q1 2020. Of the February change, 62% can be attributed to the 152,000 sq. ft. of space that came on at Sunset North, though medium blocks were also listed at Summit 2 (24,000 sq. ft.), The Eastgate Building (16,000 sq. ft.), 520 Corporate Center (16,000 sq. ft.), and Pacific Corporate Center (14,000 sq. ft.). With the Sunset North sublease, the inventory available for sublease in I-90 Corridor increased from 2.2 to 6%, or 292,000 sq. ft. total. With the Summit 2 sublease and others, the Bellevue CBD was pushed from 7.4 to 7.8% of inventory available for sublease, or 800,000 sq. ft. total. The 520 Corporate Center addition, though just 16,000 sq. ft., moved the 520 Corridor from 2.8 to 3.3% of inventory available for sublease. Kirkland, Redmond, and Suburban Bellevue added fewer than 10,000 sq. ft. each. 34,000 sq. ft. of tracked sublease space has now been leased across the market, and though small in stature that space has all been leased in the past 4 months.


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Seattle and Eastside Office Sublease Trends | February 2021

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