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Real Estate

Brian Miller
Real Estate Editor
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July 27, 2017

On the Block: When 2.9 million square feet are not enough

Four firms released quarterly reports this month on the local office market. Let's dive into the cold, deep numbers first, then apply the warm terrycloth towel of context.

Reporting on the second quarter, Jones Lang LaSalle estimates the regional vacancy rate has now shrunk to 8.5 percent. That's a big decline from 12.5 percent in 2013. As the market tightens, average asking rents are eking upward to over $35 per square foot. Class A office space downtown averages $43; in South Lake Union it's $39.

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