Companies Moving to and Expanding in Downtown

Downtown Seattle is now home to 328,000 jobs – more than double any city in the Puget Sound region outside of Seattle. To attract top talent, employers are locating and expanding downtown. New positions are opening at a rapid rate, and downtown accounts for the vast majority of new jobs in Seattle.

Downtown’s occupied office space has grown by 34% since 2010. In that same period, the occupancy rate has grown by nine percentage points — from 86% to 95%. Market rents are competitive for the region at $44.67 average per square foot per year. Occupancy rates are expected to decrease slightly (about two percentage points) and rents are expected to increase to nearly $50 per square foot by 2024.

Office Statistics

Page last updated summer 2019.  Data provided by CoStar.  Note that “market rent” is what a property would likely command on the open market (note that previous iterations of this report cited asking rents, which only include currently advertised rents at any given time).

If you have questions about our research, contact Elliott Krivenko:

Phone: 206-613-3255