The Seattle, Washington-area office market has experienced a steady decline in vacancy rates and a rise in direct asking rents, two indicators of strength and economic upturn, setting it apart from others nationally, according to the Puget Sound Business Journal and a study compiled by Cushman & Wakefield. Not only is Seattle outperforming the rest of the country, but thanks to thousands of jobs becoming available due to the millions of square feet of construction underway, the economy will continue to prosper. The largest decreases in office vacancy were seen in the Denny Regrade and Pioneer Square/International District. And according to the study, Seattle central business district will continue to see rental rates increase and vacancy rates decrease with tech companies such as Amazon, Zulily and Google continuing to shape the economic and physical layout of the Puget Sound.
For the full article from the Puget Sound Business Journal, click here.