Tech leasing keeps Seattle recovery afloat as office market attempts to weather COVID resurgence
Leasing volume in the Puget Sound reached its highest level of the year in Q4 at just below 1.8 million square feet (msf) leased. This is more than double the total in Q4 last year. Overall leasing for the year was slightly down from 2020, falling from 6.1 msf to 5.7 msf. The biggest jump in completed deals occurred in the Eastside, which saw a 16.3% increase from Q3. Overall availability crept further upward to 19.6%. Meta headlined the largest deal of the quarter with a 218,000-square-foot (sf) lease at Bellevue’s Spring District. Meta’s Oculus division also leased more than 97,000 sf across multiple properties in the Pioneer Square submarket. These decisions further reinforce the tech sector’s bullish strategy in the region.