Vacancy rates for the Puget Sound region were down 11 bps to 9.4% while Class A direct asking rent rose $1.59 to $42.64 per sq. ft. per year, full service during Q4.
While leasing remained strong, capital markets were the highlight of the quarter. A record Q4, catalyzed by an excise tax increase for larger sales in 2020, resulted in $4.8 billion in office sales for the quarter alone.
The Bellevue CBD retained its rank as having the highest asking rent of any submarket in the Puget Sound.