Seattle's overall rents decline after three years of consecutive growth
In the fourth quarter of 2020, Seattle's overall average office rent was $38.01 per square foot (psf), reflecting a decrease of 1.2% over the last year but a marginal increase of 0.2% over the quarter. Rents ranged from a low of $25.23 psf in Tacoma to a high of $42.36 psf in Downtown Seattle. Class A rents decreased by 4.6% year over year and by 0.7% over the quarter, now standing at $45.38 psf. In 2020, Central Business District (CBD) rents decreased by 7.2%, to $42.27 psf, while suburban rents increased 4.8%, to $31.41 psf. The only submarkets that registered positive year-over-year rent growth were Southend (+6.0%) and Bellevue/Eastside (+3.1%), while the Downtown (-10.4%), Tacoma (-2.5%), and Northend (-1.7%) submarkets all experienced year-over-year rent declines.