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.