July 14, 2025
Puget Sound area developers press pause on housing
The Seattle metropolitan area has seen a pullback in new housing permits issued in 2025, foreshadowing a pending drop in completions that will likely lead to upward pressure on rents.
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July 10, 2025Office leasing diverges this year
Office leasing activity edged higher in the first half of the year, though overall leasing volume remains stubbornly below its typical level from the late 2010s. While a few markets appear to be in full-blown recovery, others are still off the pace, hampered by both tepid demand and the absence of large blocks of available premium space.
July 7, 2025Puget Sound industrial development cools
After several years of elevated development, the Puget Sound industrial market is entering a slowdown. The region's construction pipeline has shrunk to its lowest point in more than five years, with new starts over the past 12 months falling to their lowest level in over a decade.
July 7, 2025This city is Seattle’s fastest-growing suburb
Among Puget Sound-area cities with populations greater than 10,000, Shoreline tops the list for pace of population growth over the past year, according to newly released data from the Washington State Office of Financial Management (OFM).
July 3, 2025Seattle sees record industrial availability
After falling from a high of around 24 million square feet of new leases in 2021, leasing volume has settled close to the 2010s average of around 12 million square feet in new leases signed annually. However, while leasing levels have normalized back toward historic levels, speculative construction and space givebacks continue to push Seattle’s industrial availability to record levels.
June 30, 2025Puget Sound industrial market seeks to find its footing
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 returned to pre-pandemic levels. Meanwhile, speculative construction and an uptick in sublet availability have put a significant amount of space on the market.
June 27, 2025Retail availability rises in the Seattle region
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 feet of retail space is listed as available to lease, compared to 5.4 million square feet in the same quarter in 2024.
June 25, 2025Seattle job market shows signs of softening
The unemployment rate in the Seattle metropolitan area edged higher in May.
June 18, 2025Lake Union leads apartment rent growth in Seattle
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.
June 17, 2025The office recovery is at last underway, but it's still not widespread
The pace of office occupancy losses has slowed dramatically over the past 12 months, and surging leasing activity indicates that the long-awaited recovery is at last underway.
June 17, 2025Seattle multifamily market reaches a turning point
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.
June 16, 2025Why Seattle’s retail rent growth slowed over the past year despite low availability
Retail sales activity slowed in the Seattle metropolitan area last year, which is likely impacting the growth in retail properties’ asking rents.
June 13, 2025Puget Sound apartment demand surges
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 the next, has doubled since reaching a nadir two years ago.
June 11, 2025Medical offices in the Seattle area outperform amid broader office market challenges
Across the Puget Sound region, medical offices have consistently outperformed traditional office space in terms of vacancy. Historically, vacancies have been lower in medical offices, especially during office downturns.
June 9, 2025Why the West Coast is ripe for hotel brand takeovers
As ground-up hotel development faces sustained headwinds, conversions have emerged as a key strategy for growth. However, the opportunity for conversions varies significantly by market, often depending on the mix of branded versus independent properties. An analysis of the top 25 U.S. markets reveals a clear pattern: Markets with a higher share of independent hotels tend to offer greater potential for conversions into branded flags.
June 6, 2025The Eastside office and Seattle office markets are not the same
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 Eastside suburbs are seeing a significantly tighter office market than the city of Seattle proper, especially when it comes to higher-quality office space.
May 30, 2025Seattle job growth weakens in 2025
After improving in 2024, the Puget Sound region started this year with weaker job growth.
May 29, 2025Across the Puget Sound region, cities are growing
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, making it the fourth-fastest-growing large city in the nation.
May 28, 2025Seattle and Portland, Oregon, lose manufacturing jobs in 2025
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 months.
May 14, 2025Multifamily rents are rising across the Pacific Northwest
Most Pacific Northwest metropolitan areas saw positive multifamily rent growth last year. Only Bend, Oregon, continued to see rents fall in 2024.
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