Seattle is one of the country’s fastest growing cities of the past decade, with no stopping in sight. This economic boom has led to an increase in number of businesses hoping to establish a presence in the Puget Sound and capitalize on the consolidation of employee talent. As a result, the Seattle office space market has seen demand, competition, and rents climb to new heights, while landlord concessions such as free rent and <a href="https://www.squarefoot.com/blog/tenant-improvement-allowance-tia/">Tenant Improvement allowances</a> have dropped.
The market for office space in Seattle has tightened because of a lack of new construction in 2018, with less than 1 million square feet of new space coming available for lease. The 2019 construction pipeline is more robust with 5 million square feet of new inventory, however, few of these new spaces have availabilities (most spaces are already taken by the city’s large tech companies). 
Because of the limited inventory, the Seattle office space market is particularly tight for growing businesses looking to lease office space larger than 50,000 square feet. This has pushed many companies to seek options in the nearby suburbs.
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<h2>Office Space | Seattle Lease Data and Trends</h2>
Continued leasing activity with limited new supply has pushed Seattle office space rents to record highs. The vacancy rate has fallen below 10%, creating an opportunity for suburban landlords to attract the next generation of name-brand firms.
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<table style="height: 155px; width: 100%; border-collapse: collapse;" border="1">
<tbody>
<tr>
<td style="width: 25%;">Office Space for Lease</td>
<td style="width: 25%; text-align: center;">Class A</td>
<td style="width: 25%; text-align: center;">Class B</td>
<td style="width: 25%; text-align: center;">Vacancy Rate</td>
</tr>
<tr>
<td style="width: 25%;">Downtown</td>
<td style="width: 25%; text-align: center;">$51/sf</td>
<td style="width: 25%; text-align: center;">$37/sf</td>
<td style="width: 25%; text-align: center;">10%</td>
</tr>
<tr>
<td style="width: 25%;">South Lake Union</td>
<td style="width: 25%; text-align: center;">$58/sf</td>
<td style="width: 25%; text-align: center;">$37/sf</td>
<td style="width: 25%; text-align: center;">18%</td>
</tr>
<tr>
<td style="width: 25%;">Pioneer Square</td>
<td style="width: 25%; text-align: center;">$42/sf</td>
<td style="width: 25%; text-align: center;">$35/sf</td>
<td style="width: 25%; text-align: center;">7%</td>
</tr>
<tr>
<td style="width: 25%;">Belltown</td>
<td style="width: 25%; text-align: center;">$39/sf</td>
<td style="width: 25%; text-align: center;">$33/sf</td>
<td style="width: 25%; text-align: center;">10%</td>
</tr>
<tr>
<td style="width: 25%;">Ballard/Fremont/U-District</td>
<td style="width: 25%; text-align: center;">$45/sf</td>
<td style="width: 25%; text-align: center;">$36/sf</td>
<td style="width: 25%; text-align: center;">4%</td>
</tr>
<tr>
<td style="width: 25%;">Eastside</td>
<td style="width: 25%; text-align: center;">$45/sf</td>
<td style="width: 25%; text-align: center;">$37/sf</td>
<td style="width: 25%; text-align: center;">8%</td>
</tr>
<tr>
<td style="width: 25%;">Seattle/Puget Sound</td>
<td style="width: 25%; text-align: center;">$48/sf</td>
<td style="width: 25%; text-align: center;">$31/sf</td>
<td style="width: 25%; text-align: center;">12%</td>
</tr>
</tbody>
</table>
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Over the past 5+ years, the most significant trend in the Seattle office space market is the widening gap between the costs of Class A and Class B spaces. Since 2014, asking rents for Class A office space has seen 7% annualized rent growth, 16% higher than the growth rate for Class B office space. Seattle market experts expect this gap to widen further. Demand for high-end office space continues to outpace construction, giving landlords an upper hand in lease negotiations.
Because Seattle&#8217;s job market is so strong, employers are using their office space as a lever to attract and retain top talent. As commercial real estate and employer branding become further intertwined, more businesses will be comfortable paying for premium space.
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<h2>Seattle Office Space for Rent | Popular Neighborhoods</h2>
<h3><a href="/wa/seattle/downtown/office-space">Downtown Seattle</a> </h3>
Overlooking Elliott Bay, Downtown is Seattle’s largest submarket, and home to most of the city’s office towers. It is also the most accessible area by public transit, whether that be bus, ferry, or light rail. Notable tenants in Downtown Seattle include Deloitte, Uber, Twitter, Zillow, Nordstrom, Oracle, Redfin, Axon, and Moz.
<h3><a href="/wa/seattle/south-lake-union/office-space">South Lake Union</a></h3>
Since the early 2000s, South Lake Union has undergone the most dramatic change of any neighborhood in Seattle. This is largely driven by Amazon’s expansive presence in the area, highlighted by <a href="https://www.seattlespheres.com/visit-hq">The Spheres</a>. Amazon’s growth has attracted other large tech companies such as Facebook,. Google is currently working on a more than <a href="https://www.geekwire.com/2018/google-doubles-massive-seattle-campus-plans-another-new-building-amazons-backyard/">600,000 square foot headquarters</a> to compete with Amazon for talent and foothold in the neighborhood.
<h3><a href="/wa/seattle/pioneer-square/office-space">Pioneer Square</a></h3>
For businesses seeking a more laid-back environment than South Lake Union or Downtown, Pioneer Square presents an excellent option with plenty of public transit resources. The late-1800s Romanesque Revival buildings give the neighborhood a distinct identity, and its proximity to the International District gives employees a range of food options.
<h3><a href="/wa/seattle/lower-queen-anne/office-space">Belltown/Lower Queen Anne</a></h3>
The submarket is anchored by the Space Needle and the Seattle Center, but has fast become a high-end residential neighborhood and area for businesses to secure waterfront office space. Tenants include The Expedia Group, Louis Dreyfus Corporation, and the Bill and Melinda Gates Foundation.
<h3><a href="/wa/seattle/fremont/office-space">Fremont</a>/<a href="/wa/seattle/ballard/office-space">Ballard</a>/<a href="/wa/seattle/wallingford/office-space">Wallingford</a>/U-District</h3>
Best known as residential neighborhoods with vibrant restaurant and brewery scenes, the area north of Lake Union is also home to Brooks, Tableau, Adobe, and Google (moving to South Lake Union in 2021). U District is also home to the University of Washington&#8217;s main campus.
<h3><a href="/wa/seattle/georgetown/office-space">Georgetown</a>/South Seattle</h3>
South Seattle is the principal industrial and shipping district of Seattle, and connects the city to West Seattle. The most notable tenant in the area is Boeing, but the area is also home to small manufacturers and manufacturing-minded startups.
<h3>Nearby Suburbs</h3>
Some of Seattle’s largest employers operate outside of the city limits. These include REI (Kent), Microsoft (<a href="https://www.squarefoot.com/wa/redmond/office-space">Redmond</a>), T-Mobile (<a href="/wa/bellevue/office-space">Bellevue</a>), Alaska Airlines (SeaTac), and Costco (Issaquah).
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<h2>Office Space | Seattle Market Outlook</h2>
While construction was slow, the growing demand for office space in Seattle inspired robust investment activity. Compared to the prior year, 2018 sales volume increased from $3 to $3.9 billion. Additionally, there are several office towers currently under contract, a signal that investor interest for the region’s commercial real estate remains strong. 
For businesses looking for office space for rent, the lack of supply in core submarkets means there will likely be an increased demand for office space in the nearby suburbs. Continued expansion and adoption of public transit throughout the Seattle Metro area will increase accessibility outside of the city center.
Seattle’s thriving tech sector plays a significant role in the city’s current and future economic and cultural environment. Significant demand from growing tech companies, both early-stage startups and billion-dollar firms, is continuing to boost economic momentum and office space demand.
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<h2>What Our Brokers Say About Seattle Office Space for Rent</h2>
Seattle was the country’s fastest growing city in 2017, and continues to see a mass migration of high-earning tech employees. This has caused prices to climb in both the residential and commercial real estate markets, and <a href="https://www.cnbc.com/2018/04/10/us-news-world-report-the-10-best-places-to-live-in-the-us-in-2018.html">U.S. News &amp; World Report</a> recently ranked Seattle 10th in their Best Places to Live list.
Although housing prices are rising, Seattle is still a discount compared to <a href="/ca/san-francisco/office-space">San Francisco</a>, <a href="/ny/new-york/office-space">New York City</a>, <a href="/ma/boston/office-space">Boston</a>, <a href="/dc/washington/office-space">Washington DC</a>, and other higher-priced cities – a huge driver of residential and subsequent business movement.
More than 60 percent of the current Seattle office space demand is on behalf of technology companies. The tech industry’s need for additional space has placed a premium on centrally-located, modern offices with high-end amenities and access to Seattle’s growing public transit infrastructure.
But the vibrant tech scene is not the only reason to be excited about Seattle. Seattle is also focused on improving transportation, with the city and county investing heavily in building infrastructure and different modes of mass transit that will relieve the growing traffic problem, support environmental sustainability, and support the modernization of the region.
With Seattle showing all the indicators of a growing hub, the coming years will show if it can sustain its momentum to develop its place as one of America’s great cities on the global stage.

Seattle Office Space for Rent

Ballard

Capitol Hill

Downtown

Fremont

Georgetown

Lower Queen Anne

Pioneer Square

South Lake Union

West 8th is the ideal Class A office tower for tenants representing the legal, accounting, high-technology, insurance and not-for-profit industries, to name just a few. AMENITIES: Spacious outdoor terrace for lunch, entertaining, and employee breaks Bright Horizons childcare facility for employee retention and satisfaction Conference and training center with seating for approximately 200 people Full-service restaurant MistralKitchen On-site fitness facility for tenants_ exclusive use Coffee bar for casual meetings and tenant enjoyment BUILDING : Superior and unmatched views from all floors, including Elliott Bay, Lake Union, the Space Needle, and two mountain ranges Dynamic downtown location with exciting retail and office amenities Flexible floor plates with efficient bay depths 24-hour tenant access Floor-to-ceiling windows On-site security officer SUSTAINABLE : Lower operating costs with LEED-CS__ Gold certification (First downtown office high rise) Bike storage with locker rooms and shower facilities Preferred parking for vanpools, alternate-fuel vehicles Higher levels of natural daylight for increased productivity Water and energy reduction for lower operating costs and responsible energy usage Outdoor air delivery monitoring for a healthy building effect Floor by floor mechanical system with individually metered HVAC controls

1800 Ninth is centrally located at the crossroads of the well-established Central Business District and dynamic South Lake Union submarkets. Nearby neighbors include Amazon.com, Seattle Children_s Research Hospital, Nordstrom and Path. Adjacent to the transit center, and with immediate freeway access, employees will enjoy all this exciting neighborhood has to offer casual urban dining, trendy shops, fashionable hotels, and a popular fitness center all of which are located within easy walking distance of 1800 Ninth. 1800 Ninth enjoys many innovative interior amenities and attractive exterior . As employees and clients enter the recently renovated lobby they will be greeted by a full-time concierge, and have access to the new full service caf_. Wi-Fi is available both in the lobby and on the newly upgraded deck, where employees can relax in more casual surroundings. For on-site meetings tenants can utilize the high-tech 80-person conference center, and additionally, have immediate access to a state-of-the art 9,000 s.f. fitness center, and onsite bike storage. - Strong new ownership - 80 person conference center (Coming December 2012) - Renovated Lobby (Coming December 2012) - Full Service caf_ (Coming December 2012) - Exterior deck - exclusive to building tenants - Full Time Tenant Concierge - 24 hr / 7 day on site security - Fitness center with showers and lockers - Close proximity to the Convention Place Metro Center and I-5 - Walking distance to numerous shopping centers, restaurants, and theaters - Exterior signage capabilities - Efficient, column-free 20,000 SF floor plates - On-site, secured parking with a ratio of 1/1,000 RSF

Open-plan creative office space 14' ceilings with full height windows and abundant natural light Unobstructed views of Elliott Bay and the Olympic Mountains Close proximity to marina, waterfront hotels, restaurants, parks and shopping Three-story light filled atrium with caf_ Robust telecom infrastructure (formerly Real Networks HQ) 60,000 s.f. floor plates Views of Elliott Bay and the Olympic Mountains Walking Distance to Olympic Sculpture and Pike Place Market Easy access to downtown Seattle and the waterfront Signage opportunities Spaces available September 1, 2013

-Creative office space with brand new offices finishes (furniture available).-Two conference rooms, private office and open areas-Parking in adjacent garage

Located in the heart of the city's retail district, Olympic Savings Tower's spaces on each floor consist of above average office-build out offering perimeter privates and visually pleasing high ceiling interiors. Competitively priced and well below market rate. Surrounding the building are many amenities including various restaurants, retail shops and banks. This property is suitable for a variety of uses including restaurant, retail, office and mixed use. There are approximately 49 basement parking tandem stalls available. LOCATION Excellent Retail Core CBD location at 3rd & Pine Adjacent to LINK light rail tunnel and Metro transit corridor Convenient to Nordstrom, Macys, Pacific Place and Westlake Center Cultural amenities include, Seattle Art Museum, Benaroya Hall and Pike Place Market BUILDING Iconic renovated Art Deco architecture Excellent Elliott Bay and downtown views Abundant natural light Secure on-site parking available Full-floor opportunities