2023 Set to Be an Amazing Year for Seattle Office Market: What to Expect!

2023 is shaping up to be a pivotal year for the office commercial real estate market in Seattle, according to a new report from Kidder Mathews. Vacancy has risen 11 of the last 13 quarters since 2019 and net absorption remains negative. Despite these struggles, rents have increased across Puget Sound with an average rent of $41.97-per-square-foot on the Eastside. Investment activity has been sparse due to economic turbulence, with only three office sales closing above $10 million in Q1 2023. As companies continue dealing with a sector that continues post pandemic, this year will tell how remote work policies, office layouts and employee density ratios are affected by rising vacancy rates and negative net absorption levels in Seattle’s commercial real estate market .