Seattle begins new year with strong leasing activity as companies start to implement return-to-office plans
The Puget Sound region notched 1.6 million square feet (msf) of leasing volume to start the year, a 25.0% increase in activity compared to Q1 2021. The number of leases in the Seattle Central Business District (CBD) submarket increased from Q4, but leasing volume decreased by nearly half. This reinforces a regional trend of smaller tenants signing a greater number of leases in a recovering market. The number of leases signed in the Bellevue CBD was near last quarter’s total, but leasing volume nearly doubled. Symetra signed the largest lease of the quarter totaling 120,000 square feet (sf) in the Bellevue CBD submarket. The University of Washington signed a new location in the Southend submarket, leasing 119,499 sf at 1601 Lind Avenue SW. Technology firms once again accounted for many leases in the region.