Seattle/Puget Sound records strongest year of office leasing since 2019

The Seattle/Puget Sound office market ended 2025 with a quieter quarter, as Q4 leasing activity totaled 1.2 million square feet (msf), down slightly from 1.3 msf leased in Q4 2024. Full-year leasing volume reached 6.3 msf, up from 5.9 msf in 2024 and the highest annual total since 2019. The Seattle Central Business District (CBD) accounted for 42.9% of Q4 activity, with leasing concentrated in renewals. Notable deals included Slalom Inc.’s 76,000-square-foot (sf) renewal in Pioneer Sq/SoDo and a 72,063-sf renewal and expansion by Impinj, Inc. in the Seattle CBD. Tenants remained focused on right-sizing and renewing within quality assets, reflecting a selective but active occupier base.

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