Puget Sound Office Figures Q1 2025

Seattle saw a resurgence downtown, as companies continue to expect their workers to return to the office. According to the Downtown Seattle Association, (data source: Placer.ai) worker numbers surged downtown in February 2025, reaching a near-record 94,000 daily employees - the second-highest tally since the pandemic started in March 2020. 

Still, Seattle area office vacancy climbed modestly in Q1 2025, ending at 26.9%, a 40 basis points (bps) increase from the end of 2024. 

The Eastside Class A direct asking rate increased quarter-over-quarter from $53.25 to $55.65 per sq. ft., per year, full service.