Seattle: Third-Tightest Office Market In The Country
Seattle is the No. 3 tightest major office market in the nation, according to new data from Cushman & Wakefield, with a vacancy rate of 7.7% in Q1 2017. That ties with Midtown Manhattan South for the No. 3 spot. Only Nashville (6.9%) and Raleigh-Durham (7.3%) have tighter markets.
Seattle was one of the markets to experience double-digit year-over-year rent growth in the first quarter. Markets with increases included Brooklyn (16.5%), Oakland/East Bay (15%), Palm Beach (13.9%), Nashville (13.8%) and Seattle (11%). San Francisco continues to hold the top spot in terms of rent growth in this cycle, with rents up by 119.9% since the first quarter of 2010.
Seattle is not among the most expensive office markets on a SF basis. According to Cushman & Wakefield, those are Midtown Manhattan, Midtown South Manhattan, San Francisco, San Mateo, Calif., Downtown Manhattan and Washington, DC.