As competition amongst tenants for space heightened, Class A asking rent rose to $40.56 per sq. ft., full service, a $0.53 increase over Q3 and the highest on record.
2+U, the next multi-tenant office tower under construction in Downtown Seattle, announced two leases. Indeed leased 199,221 sq. ft. and Spaces signed for 90,848 sq. ft. Delivery of the 690,000 sq. ft. building is anticipated in late 2019.
With the help of large tech occupiers, the Eastside absorbed 158,870 sq. ft. of office space – bringing absorption up to 935,130 sq. ft. for 2018.