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Tech, Finance and Co-Working Lead Office Charge

Tech and co-working dominated the Puget Sound office market in the first and third demand positions, and a second source of demand driver is coming from finance, insurance and real estate companies.

Sam Ziemba Sam Ziemba says tech is still the dominate source of leasing activity in the Puget Sound area.

SEATTLE—The Puget Sound office market remained one of the most active in the country as rents reached record highs. Strong leasing caused vacancy to drop to 8.1% and absorption maintained the high level reached last quarter, according to a Colliers International third-quarter office report.

Tech and co-working dominated the market in the first and third demand positions, with Amazon and WeWork expanding further. A second source of demand is coming from finance, insurance and real estate companies, likely making up the next tranche of leasing, GlobeSt.com learns.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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