2023 Office Space Rent & Sales
- $43.13 2023 Avg. Asking Rent
- -0.04% Y-o-Y Avg. Asking Rent Change
- 26.45% 2023 Office Vacancy Rate
Seattle office price per square foot in 2023 was $43.13 on average. This marked a -0.04% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 26.45% 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
- Seattle Class A & A+ Office Space$50.60
- Seattle Class B Office Space$36.59
- Seattle Class C Office Space$24.37
- Washington Class A & A+ Office Space$45.53
- Washington Class B Office Space$31.05
- Washington Class C Office Space$35.93
Seattle, WA Office Asking Rents by Class
Average office rent in Seattle rested at $43.13 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Seattle averaged $50.60 per square foot. Across all submarkets, class B office space recorded an average asking rent of $36.59 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $24.37 per square foot, on average. Comparably, statewide Washington average office rents by class in 2023 were: $45.53 per square foot for class A office space; $31.05 per square foot for class B office space; $35.93 per square foot for class C office space.
2023 Office Vacancy Rates in Seattle
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Denny Triangle | $58.66 | 36.08% |
| Lake Union | $56.54 | 13.16% |
| Northern Seattle | $41.43 | 16.50% |
| Seattle - Central Business District | $39.48 | 32.44% |
| SoDo | $39.46 | 22.75% |
| Belltown | $37.85 | 23.84% |
| Uptown | $34.90 | 32.16% |
| Lynnwood | $33.70 | 19.96% |
| Southern Seattle | $31.86 | 24.73% |
| Pioneer Square | $30.95 | 47.55% |
| Kent - SeaTac | $29.73 | 8.98% |
| First Hill | $28.98 | 8.38% |
| Renton | $28.26 | 30.52% |
Office Spaces for Rent in Washington
Coworking Spaces in Washington
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2023 Office Construction in Seattle, WA
- Seattle, WA Total SF completed in 2023 1,081,643
- Seattle, WA Total SF under construction in 2024 1,947,301
During 2023, 1,081,643 square feet of new office space were delivered across the market. At the close of 2023, the Seattle office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 1,081,643 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,947,301 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| WB1200 | 1200 Stewart Street, 98101 | 1,200,000 | 2024 |
| Washington One Thousand | 1000 Olive Way, 98101 | 546,000 | 2024 |
| 1916 Boren | 1916 Boren Avenue, 98101 | 280,877 | 2024 |
| University District Station Building | 4328 Brooklyn Avenue NE, 98105 | 266,000 | 2024 |
| The Chapter Buildings - Building I | 4530 12th Avenue NE, 98105 | 248,631 | 2024 |
| 222 Fifth | 225 5th Avenue North, 98109 | 197,919 | 2024 |
| The Chapter Buildings - Building II | 4536 Brooklyn Avenue NE, 98105 | 156,586 | 2024 |
| The First Light | 2000 3rd Avenue, 98121 | 121,096 | 2024 |
| Washington Park Building | 68 South Washington Street, 98104 | 53,000 | 2024 |
| 400 Westlake | 400 Westlake Avenue North, 98109 | 231,912 | 2023 |
Worth noting among recent office completions on the Seattle market is WB1200, which is currently the largest new office development in the city, at 1,200,000 square feet.
See reports for other markets
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- Houston Office Rent Price
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 Seattle 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.