Seattle / Bellevue Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Kidder Mathews, Newmark
Quarterly office market indicators for Seattle / Bellevue, aggregated by CREhunt from Kidder Mathews, Newmark. As of Q2 2026, average asking rent was $32.76/SF/yr and vacancy was 23.4%, per Kidder Mathews.
Projected current office pricing — Seattle / Bellevue
Projected asking rent
$32.76/SF/yr
Estimated sale value
$146–$249/SF
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Seattle / Bellevue office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 Kidder Mathews asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~77% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Kidder Mathews | $32.76/SF/yr | 23.4% | -47K SF | — | Kidder Mathews |
| Q2 2025 Newmark | $51.97/SF/yr | — | — | — | Newmark |
| Q1 2025 Newmark | — | — | -361K SF | — | Newmark |
| Q4 2024 Newmark | — | — | -277K SF | — | Newmark |
| Q3 2024 Newmark | — | — | -112K SF | — | Newmark |
| Q2 2024 Newmark | — | — | -128K SF | — | Newmark |
| Q1 2024 Newmark | — | — | -940K SF | — | Newmark |
| Q4 2023 Newmark | $44.73/SF/yr | — | -929K SF | — | Newmark |
| Q2 2023 Newmark | $45.08/SF/yr | 12.4% | — | — | Newmark |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Seattle / Bellevue office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| 520 Corridor | $35.64/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Ballard/U Dist | $34.05/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Bel-Red | $28.72/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Bellevue CBD | $53.93/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Belltown/Denny Regrade | $30.72/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Bothell / Woodinville | $35.70/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Bothell/Kenmore | $33.74/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Capitol Hill/Central Dist | $40.68/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Coal Creek/Issaquah | $35.40/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Dupont | $27.46/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| E King County | $30.00/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| E Pierce County | $33.39/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| East Seattle / Capitol Hill | $29.22/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Edmonds/Lynnwood | $31.92/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Everett | $26.89/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Everett CBD | $23.96/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Federal Way/Auburn | $26.76/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Gig Harbor/W Pierce Co | $32.67/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| I-90 Corridor | $42.92/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Kent / Auburn | $29.52/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Kent Valley | $30.12/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Kirkland | $46.12/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Lake Union | $40.69/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Lynnwood | $32.38/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Mercer Island | $42.72/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Mill Creek/Woodinville | $33.32/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| N Snohomish County | $27.37/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| North Seattle / Northgate | $43.15/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northgate/N Seattle | $32.64/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Pioneer Square/Waterfront | $29.52/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Puyallup | $34.08/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Queen Anne/Magnolia | $32.32/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Redmond | $38.26/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Renton | $41.83/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Renton/Tukwila | $28.20/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| S Everett/Harbor Point | $28.42/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| S Seattle | $26.28/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| SeaTac | $28.04/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Seatac/Burien | $27.73/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Seattle CBD | $35.85/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| South Seattle Close-In | $34.15/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Spanaway | $31.68/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Suburban Bellevue | $38.16/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Tacoma CBD | $27.36/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Tacoma Suburban | $32.35/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Tukwila | $25.77/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Univ. Place/Lakewood | $23.28/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
Frequently asked questions
- What is the average asking rent for office space in Seattle / Bellevue?
- As of Q2 2026, the average asking rent for office space in Seattle / Bellevue was $32.76/SF/yr, per Kidder Mathews.
- What is the office vacancy rate in Seattle / Bellevue?
- The office vacancy rate in Seattle / Bellevue was 23.4% as of Q2 2026 (Kidder Mathews).
- Where does CREhunt's Seattle / Bellevue market data come from?
- This report aggregates quarterly office market data for Seattle / Bellevue from Kidder Mathews, Newmark.
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