Availability creeps marginally higher across the region; number of leases signed reaches pre-pandemic levels
The number of leases signed in the Puget Sound reached its highest total since Q4 2019, surpassing 200 in total. Completed deals doubled in the Bellevue Central Business District (CBD) compared to Q2, and leasing volume by square feet (sf) was second only to the Seattle CBD. Leasing across the region totaled 1.5 million square feet (msf), a 38% increase from last quarter. While Suburban Eastside markets experienced a decline in volume. Sublease transactions comprised a good portion of Q3 activity, with Bungie leasing 60,480 sf in the Seattle CBD and Chewy.com scooping up 43,509 sf in the Bellevue CBD. Online trading platform Robinhood headlines companies new to the region as it leased the entirety of 5501 Lakeview in Kirkland, comprising of 52,870 sf. Overall availability stands at 19.5%, a slight increase over the quarter, and availability remains 500 basis points higher than this time last year.