Office vacancy in the second quarter 2020 in Seattle increased slightly from late 2019 to just under 7 percent by mid-2020, reported Integra Realty Resources (IRR).
Rents for both class A and class B office space remained relatively unchanged over the first half of 2020. Leasing activity slowed significantly in second quarter 2020, as only 300,000 square feet of space was absorbed in the first quarter 2020. New office construction totals more than 6 million square feet, with nearly 3 million square feet anticipated to be delivered by the end of 2020. Sales volume totaled more than $4.5 billion in the fourth quarter 2019; however, for the first half of 2020, office sales volume totals more than $700 million.
