2023 Office Space Rent & Sales
- $26.71 2023 Avg. Asking Rent
- 2.08% Y-o-Y Avg. Asking Rent Change
- 16.97% 2023 Office Vacancy Rate
Federal Way office price per square foot in 2023 was $26.71 on average. This marked a +2.08% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.97% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Washington Class A & A+ Office Space$45.53
- Washington Class B Office Space$31.05
- Washington Class C Office Space$35.93
Federal Way, WA Office Asking Rents by Class
Office Spaces for Rent in Washington
Coworking Spaces in Washington
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2023 Office Construction in Federal Way, WA
| Office building | Address | SF | Completed |
|---|---|---|---|
| Cedar Park at West Campus | 33455 6th Avenue South, 98003 | 48,869 | 2008 |
| 34704 11th Pl S | 34704 11th Pl S, 98003 | 9,000 | 2006 |
| Maplewood Office Building | 33915 1st Way South, 98003 | 32,374 | 2005 |
| Golden Stone Building | 33400 9th Avenue South, 98003 | 35,400 | 1999 |
| Ridgewood Center | 33650 6th Ave S, 98003 | 31,757 | 1989 |
| 822 South 333rd Street | 822 South 333rd Street, 98003 | 25,136 | 1987 |
| Abam Building | 33301 9th Avenue South, 98003 | 53,825 | 1985 |
| Russell Plaza | 33600 6th Avenue South, 98003 | 31,769 | 1985 |
| Parklane Executive Center | 31620 23rd Avenue South, 98003 | 40,053 | 1984 |
| Chamber of Commerce Building | 31919 1st Avenue South, 98003 | 30,098 | 1984 |
Worth noting among recent office completions on the Federal Way market is Cedar Park at West Campus, which is currently the largest new office development in the city, at 48,869 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Federal Way commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.