Seattle’s office sector posted a notable improvement in the second quarter of 2026, as leasing activity climbed to 2.4 million square feet, according to a recent report from Savills. The quarter’s performance surpassed Q1 levels and brought total leasing volume for the first half of the year to 4.6 million square feet, underscoring a clear rebound in occupier demand.
The report noted that Q2 2026 represented the strongest quarterly leasing result for the Seattle area office market since early 2019. It was also the first time since that period that the market recorded two consecutive quarters with more than 2.0 million square feet of leasing volume. This pattern points to a sustained increase in transaction activity rather than a one-off spike.
Leasing volume remained driven primarily by larger occupiers, with activity distributed across renewals, relocations, and new leases. While specific tenants were not identified, the report indicated that a range of industries contributed to demand. Technology and artificial intelligence users were highlighted as groups expected to remain central to regional leasing decisions going forward.
On the pricing side, the Bellevue central business district continued to command the highest office rents in the region, with average asking rates reaching $62.34 per square foot. The Seattle central business district followed at $48.24 per square foot. These figures illustrate the premium associated with Bellevue’s core office locations relative to downtown Seattle.
Tenant preferences are increasingly focused on newer office product with strong amenity offerings. This flight toward higher-quality assets is shaping where demand is concentrated and influencing which buildings are most competitive in attracting and retaining occupiers. At the same time, the report pointed to an ongoing decline in available office space across the market.
The combination of elevated leasing activity, tightening availability, and a clear tilt toward modern, amenitized buildings suggests that conditions in the Seattle office market are gradually stabilizing. As occupiers commit to renewals, relocations, and new leases, they are making longer-term real estate decisions that help establish firmer benchmarks for pricing and space utilization across the region.
