Seattle Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $32.78 2024 Avg. Asking Rent
  • 33.62% 2024 Office Vacancy Rate
  • $359.1M2024 Total Office Sales
  • $302.01Avg. Sale Price/SF

Seattle office price per square foot in 2024 was $32.78 on average. The local office market recorded an average vacancy rate of 33.62% across all asset classes combined. The 11 transactions that closed here throughout 2024 amounted to a total sale volume of $359.1M. Seattle office space commanded an average sale price per square foot of $302.01.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Seattle Class A & A+ Office Space$35.48
  • Seattle Class B Office Space$31.58
  • Seattle Class C Office Space$27.16
  • Washington Class A & A+ Office Space$43.88
  • Washington Class B Office Space$28.21
  • Washington Class C Office Space$20.51

Seattle, WA Office Asking Rents by Class

Average office rent in Seattle rested at $32.78 per square foot in 2024. 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 $35.48 per square foot. Across all submarkets, class B office space recorded an average asking rent of $31.58 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $27.16 per square foot, on average. Comparably, statewide Washington average office rents by class in 2024 were: $43.88 per square foot for class A office space; $28.21 per square foot for class B office space; $20.51 per square foot for class C office space.

2024 Office Vacancy Rates in Seattle

Submarket Asking Rents Vacancy Rates
SoDo $38.90 27.05%
Uptown $36.89 45.53%
Northern Seattle $36.35 30.16%
Lake Union $36.25 23.60%
First Hill $35.70 9.44%
Seattle - Central Business District $33.42 35.71%
Belltown $31.76 41.96%
Pioneer Square $31.46 55.96%
Kent - SeaTac $28.12 11.86%
Lynnwood $27.72 14.91%
Renton $24.91 27.59%
Southern Seattle $24.06 27.41%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Seattle market was 33.62% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Seattle was 9.44% in the First Hill submarket, while the highest office vacancy in the market was 55.96%, recorded in Pioneer Square.

Office Spaces for Rent in Washington

Seattle Office Sale Price per SF

  • $302.012024 Avg. Price per SF
  • 7.95%Y-o-Y Avg. PpSF Change
  • $359.1M2024 Office Sales Volume
  • 112024 Number of Transactions

Seattle, WA Sale Price per SF Trend

  • Seattle Avg. Sale Price per SF in 2024$302.01
  • Washington Avg. Sale Price per SF in 2024$256.60
Seattle office space cost in 2024 marked a +7.95% change compared to the previous year. The sale price for office space in Seattle averaged $302.01 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Washington average office sale price during the same time period was $256.60 per square foot.

2024 Office Sales Volume

  • Seattle, WA Total Office Sales Volume in 2024 $359.1M
  • Seattle, WA Total Number of Office Sales Closed in 2024 11
A total of 11 deals closed on the Seattle office market in 2024, adding up to a yearly sales volume of $359.1M. Notably, the largest transaction on the market saw 1165 Eastlake change hands for $149,962,000 on 9/12/2024.

Largest Seattle Office Sales in 2024

Property name Address Date Price
1165 Eastlake 1165 Eastlake Avenue East 9/12/2024 $149,962,000
428 Westlake Avenue 428 Westlake Avenue North 10/1/2024 $47,600,000
101 Elliott 101 Elliott Avenue West 3/27/2024 $39,500,000
Dexter Horton Building 710 2nd Avenue 7/2/2024 $36,640,000
2505 2nd Avenue 2505 2nd Avenue 10/24/2024 $11,000,000
Data provided by Commercial Edge

Coworking Spaces in Washington

2024 Office Construction in Seattle, WA

  • Seattle, WA Total SF completed in 2024 1,232,792
  • Seattle, WA Total SF under construction in 2025 597,881

During 2024, 1,232,792 square feet of new office space were delivered across the market. At the close of 2024, the Seattle office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 1,232,792 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 597,881 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Seattle
Office building Address SF Completed
4328 Brooklyn Avenue NE 4328 Brooklyn Avenue NE, 98105 266,019 2025
701 Dexter 701 Dexter Avenue North, 98109 227,577 2025
The First Light 2000 3rd Avenue, 98121 114,439 2025
Washington 1000 1000 Olive Way, 98101 556,000 2024
1916 Boren 1916 Boren Avenue, 98101 282,716 2024
222 Fifth 225 5th Avenue North, 98109 197,919 2024
400 Westlake 400 Westlake Avenue North, 98109 231,912 2023
Northlake Commons 3800 Latona Avenue NE, 98105 196,000 2023
The Jack 74 South Jackson Street, 98104 155,132 2023
Siteline 223 Taylor Avenue North, 98109 49,100 2023

Worth noting among recent office completions on the Seattle market is 4328 Brooklyn Avenue NE, which is currently the largest new office development in the city, at 266,019 square feet.

Data provided by Commercial Edge

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.