According to Cushman & Wakefield, downtown Seattle's overall vacancy rate stands at 13.8% in the second quarter. It was the same in the first quarter. Over the past two years, the vacancy rate has steadily risen in each quarter, so this is good news to property owners.
According to analysts, the stability seen this quarter may be indicative of an increase in demand for office space in the downtown area. Another key factor in the stabilization is the decrease of average office rents, which dropped to $26.38 from $26.75 from last quarter.However, in downtown Bellevue, the technology crash is still eminent, as office vacancies rose to more than 28%, which is the highest vacancy rate in the city in more than 20 years.
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