Seattle leads the nation in office rent declines amid rising vacancy

Seattle's office market continues to grapple with significant challenges, recording the slowest rent growth among the nation's largest markets over the past year. The average asking rent for office space in Seattle declined by 0.7% from the third quarter of 2024 to the third quarter of 2025. Further decreases are forecast, with the Seattle metropolitan area expected to end 2025 with a negative 1% year-over-year rent growth. This compares to declines of 0.6% in Chicago and 0.5% in Boston, highlighting Seattle's position as one of the hardest-hit major metros.