seattle Office Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from Lee & Associates, CBRE, JLL, Newmark
Quarterly office market indicators for seattle, aggregated by CREhunt from Lee & Associates, CBRE, JLL, Newmark. As of Q1 2026, average asking rent was $37.30/SF/yr and vacancy was 16.8%, per Lee & Associates.
Projected current office pricing — seattle
Projected asking rent
$48.06/SF/yr
Estimated sale value
$292–$379/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 7.6%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 Lee & Associates | $37.30/SF/yr | 16.8% | — | — | Lee & Associates |
| Q1 2026 CBRE | $47.10/SF/yr | 28.3% | 356K SF | — | CBRE |
| Q1 2026 JLL | $49.03/SF/yr | 24.2% | — | — | JLL |
| Q3 2025 Newmark | — | 23.2% | — | — | Newmark |
| Q2 2025 Newmark | $51.97/SF/yr | 22.7% | — | — | Newmark |
| Q1 2025 Newmark | $44.50/SF/yr | 21.9% | — | — | Newmark |
| Q4 2024 Newmark | $43.61/SF/yr | 21.2% | — | — | Newmark |
| Q3 2024 Newmark | $44.07/SF/yr | 20.2% | — | — | Newmark |
| Q2 2024 Newmark | $44.14/SF/yr | 19.7% | — | — | Newmark |
| Q1 2024 Newmark | $44.24/SF/yr | 19.0% | — | — | Newmark |
| Q4 2023 Newmark | $44.73/SF/yr | 16.7% | — | — | Newmark |
| Q2 2023 Newmark | $45.08/SF/yr | 14.1% | — | — | Newmark |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each seattle 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?
- As of Q1 2026, the average asking rent for office space in seattle was $37.30/SF/yr, per Lee & Associates.
- What is the office vacancy rate in seattle?
- The office vacancy rate in seattle was 16.8% as of Q1 2026 (Lee & Associates).
- Where does CREhunt's seattle market data come from?
- This report aggregates quarterly office market data for seattle from Lee & Associates, CBRE, JLL, Newmark.
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