Bank ofAmerica subleased 115,000 square feet at Rainier Square Tower lastquarter.
SEATTLE—Leasing dropped for the second consecutive quarter to1.9 million square feet in fourth quarter 2019, according toresearch from Savills. This is down 4.8% from the previous quarterand 7.7% year-over-year.
This translates to leasing activity falling below the five-yearaverage. Specifically, leasing activity was down 18.5% below thefive-year average of 2.3 million square feet per quarter. Quarterlyleasing previously peaked at 4.1 million square feet in the fourthquarter of 2016 and bottomed at 1.3 million square feet in thesecond quarter of 2017. Nearly 200 office leases were signed in theregion in fourth quarter 2019, averaging almost 9,545 square footper lease. And, a majority or 52.2% of large transactions occurredin the Downtown submarket.
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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.
