Puget Sound industrial market seeks to find its footing
Speculative construction and sublet listings keep availability elevated
Seattle industrial demand has contracted over the past couple of years, and occupancy has remained relatively flat. After a wave of demand early in the decade, leasing volumes have...
Retail availability rises in the Seattle region
Closures by national chains make biggest difference
While the Puget Sound region's retail market remains historically tight, availability has been on the rise. As of the end of the second quarter of 2025, more than 6 million square ...
Seattle job market shows signs of softening
Weakening growth among office-using sectors could have implications for space demand
The unemployment rate in the Seattle metropolitan area edged higher in May.
Lake Union leads apartment rent growth in Seattle
Lack of new construction and an all-time low vacancy rate put pressure on rents
Some of the Puget Sound region’s most central neighborhoods are seeing the fastest rise in rents. The Lake Union area tops the list, followed by Queen Anne and downtown Seattle.
Seattle multifamily market reaches a turning point
Strong demand amid a construction slowdown signals lower vacancy rates ahead
The apartment market in the Puget Sound region is likely past its peak vacancy rate and is forecast to see further tightening over the coming quarters.
Why Seattle’s retail rent growth slowed over the past year despite low availability
Slower retail sales volume at the register leads to slower rent growth
Retail sales activity slowed in the Seattle metropolitan area last year, which is likely impacting the growth in retail properties’ asking rents.
Puget Sound apartment demand surges
At the start of the year, the region saw its strongest demand since 2022
Over the past 12 months, the Emerald City has seen its highest level of apartment demand in three years. The pace of absorption, the net change in occupied units from one period to...
Medical offices in the Seattle area outperform amid broader office market challenges
Healthcare facilities see lower vacancies and higher rent growth
Across the Puget Sound region, medical offices have consistently outperformed traditional office space in terms of vacancy. Historically, vacancies have been lower in medical offic...
The Eastside office and Seattle office markets are not the same
Newer, high-quality office space in Seattle's eastern suburbs is nearly all accounted for
Despite being one of the fastest-growing office nodes in the country over the past few years, along with significant space give-backs by companies like Microsoft, Seattle's Eastsid...
Seattle job growth weakens in 2025
The Puget Sound region underperformed for job growth through April
After improving in 2024, the Puget Sound region started this year with weaker job growth.
Across the Puget Sound region, cities are growing
Areas north of Seattle see the fastest population growth
According to the latest city-level population estimates from the U.S. Census Bureau, Seattle added nearly 17,000 residents last year. That equals 2.2% growth for the Emerald City, ...
Seattle and Portland, Oregon, lose manufacturing jobs in 2025
Shrinking employment could signal less demand for industrial space
According to the most recent data from the U.S. Bureau of Labor Statistics, the largest cities in the Pacific Northwest saw a decline in manufacturing employment over the past few ...
Multifamily rents are rising across the Pacific Northwest
All metropolitan areas in the region are projected to see growth this year
Most Pacific Northwest metropolitan areas saw positive multifamily rent growth last year. Only Bend, Oregon, continued to see rents fall in 2024.
Lower consumer spending dampens retail rent growth across Puget Sound region
Retail rents were flat over the past year
Seattle's retail rents flatlined over the past year. The average asking rent per square foot for retail properties for the first quarter was essentially unchanged from the same qua...
Seattle office vacancy reaches multi-decade high
The pace of increase has started to decelerate
Office vacancy in the Puget Sound region reached its highest rate in at least 40 years in the first quarter of 2025, topping 16%.
Puget Sound region’s total employment growth improves in 2025
Manufacturing and construction employment drop
The Seattle region continued to see employment growth year over year in February.
Logistics availability hits record high in Puget Sound region
Both new construction and shrinking demand contribute to the increase
Seattle saw one of the largest jumps in industrial availability last quarter, with construction and shrinking demand contributing to the trend.
Industrial construction elevated in the Puget Sound region
Builders continue to focus on larger facilities
The industrial space under construction in the Puget Sound region is at its lowest level in about five years. Space underway is about half of the peak level reached in 2021. Even s...
The Puget Sound accounted for most of Washington State’s population growth last year
Over a longer period, rural counties saw faster growth
In 2024, the Evergreen State saw its greatest population growth in years. According to recent data from the U.S. Census Bureau, Washington State added more than 100,000 residents l...
These areas are the Puget Sound’s most dynamic for multifamily construction
Some of the most active neighborhoods saw largest drops in activity over the past year
As of the end of the first quarter, Downtown Seattle and Redmond are among the Puget Sound region’s most dynamic areas for apartment construction.