**Puget Sound Office Leasing Gains Momentum in Q2 2025**
The Seattle/Puget Sound office market experienced a modest rebound in tenant demand during the second quarter of 2025, with leasing activity reaching 1.6 million square feet—a notable uptick from the first quarter, according to a report by Savills.
Availability across the region rose to 29.6% in Q2, an increase of 190 basis points compared to the previous year. More than half of the region’s submarkets recorded year-over-year increases in availability, with I-90/East King County and Fremont/North Seattle exceeding 35%. Downtown Seattle (CBD) maintained a high availability rate of 34.5%, while Bellevue’s CBD saw a slight increase to 28.8%.
Despite the rise in leasing activity, large-scale lease commitments remain limited, as many companies—especially in the tech sector—continue to reassess their long-term space requirements. Notably, technology firms accounted for over half of the top ten lease transactions during the quarter.
Rental rates remained relatively stable, with average asking rents hovering around $45.80 per square foot, down just 0.6% year-over-year. Class A office space saw a slightly higher decline to $51.09 per square foot. Bellevue outperformed the broader market, with CBD rents averaging $62.95 per square foot, thanks to constrained new supply and steady tenant demand.
