Seattle/Puget Sound office market records strongest annual leasing activity in four years
In Q4 2024, the Seattle/Puget Sound office market recorded 1.2 million square feet (msf) of leasing activity, bringing the full-year total to 5.9 msf, up from 4.6 msf in 2023 but below the prepandemic total of 8.1 msf reported in 2019. The tech sector continues to be the primary driver of the market, led by Apple's full building lease of 192,703 square feet at 333 8th Avenue North in South Lake Union. In addition, the market has been seeing newer tech companies enter the region who are attracted to the local talent. As a result, expect cautious optimism going into 2025.