Skip to main content Skip to footer

Seattle and Eastside Office Sublease Trends | January 2021

Download Report
alt=""

SEATTLE
Downtown Seattle, after seeing rapid growth in sublease inventory throughout the second and third quarters of 2020, appears to have slowed its pace (especially in the past two months). January added just 216,000 sq. ft. to the Downtown Seattle market, the lowest total of any month since the start of the pandemic, and December saw a net increase of 135,000 sq. ft. added which was the second lowest total in that same time span. That puts the total amount of space available for sublease at 3.9 million sq. ft., pushing the 15-year high up slightly from Q4’s 3.8 million sq. ft. The top 5 markets by building area actually saw a 22,000 sq. ft. decrease month over month in sublease space available, with only the Pioneer Sq/Waterfront submarket seeing a jump from 6.6% to 6.8% of inventory available for sublease (or from 444,000 to 463,000 sq. ft.). Overall, Downtown Seattle may not have peaked quite yet, but with phased reopening plans being established and vaccinations continuing at full steam, it may be on the horizon.

EASTSIDE
Sublease space continues to grow at a relatively high rate on the Eastside with another 216,000 sq. ft. coming on in December and 91,000 sq. ft. coming on in January, or a total of 1.01 million sq. ft. since the start of the pandemic. The Bellevue CBD has seen the majority of this increase, with Symetra Financial Center and City Center putting 136,000 sq. ft. and 40,000 sq. ft. up for sublease, respectively. These, along with others, have pushed the Bellevue CBD from 4.5% to 6.9% of inventory available for sublease since the start of November. Substantial increases have also been felt in Kirkland (1% to 2.4%), the I-90 Corridor (1.4% to 2.4%), and Suburban Bellevue (2.4% to 3.3%) in that time period. All of that said, January’s 91,000 sq. ft. added is the lowest aggregate month over month change since August for the Eastside. Though it’s likely more will come on in the very near term, the phased reopening of Puget Sound businesses alongside vaccinations may mean the plateau is right around the corner.


alt=""

Seattle and Eastside Office Sublease Trends | January 2021

Download Report