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Federal Way Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $22.97 2020 Avg. Asking Rent
  • 28.66% 2020 Office Vacancy Rate

Federal Way office price per square foot in 2020 was $22.97 on average. The local office market recorded an average vacancy rate of 28.66% across all asset classes combined.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Federal Way Class B Office Space$23.02
  • Federal Way Class C Office Space$19.89
  • Washington Class A Office Space$45.83
  • Washington Class B Office Space$28.37
  • Washington Class C Office Space$19.66

Federal Way, WA Office Asking Rents by Class

2020 Office Construction in Federal Way, WA

  • Federal Way, WA Total SF completed in 2020
  • Federal Way, WA Total SF under construction in 2021 160,000

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Federal Way office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 160,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Federal Way
Office building Address SF Completed
Seattle Children's South Clinic 34920 Enchanted Pkwy South, 98003 37,180 2015
Cedar Park at West Campus 33455 6th Avenue South, 98003 48,869 2008
Campus Pointe 33507 9th Avenue South, 98003 27,590 2007
Ninth Avenue Pavilion 33434 8th Avenue South, 98003 34,718 2006
Maplewood Office Building 33915 1st Way South, 98003 32,374 2005
Brooklake Professional Center 918 South 348th Street, 98003 28,627 1999
CHI Franciscan St. Francis Hospital - Medical Pavilion 34503 9th Avenue South, 98003 51,465 1997
Ridgewood Center 33650 6th Avenue South, 98003 31,757 1989
Abam Building 33301 9th Avenue South, 98003 53,825 1985
Russell Plaza Office Building 33600 6th Avenue South, 98003 31,491 1985

Worth noting among recent office completions on the Federal Way market is Seattle Children's South Clinic, which is currently the largest new office development in the city, at 37,180 square feet.

Data provided by Commercial Edge

See reports for nearby markets

  • Seattle Office Rent Price
  • Bellevue Office Rent Price
  • Tacoma Office Rent Price
  • Redmond Office Rent Price
  • Bothell Office Rent Price
  • Everett Office Rent Price
  • Kirkland Office Rent Price
  • Renton Office Rent Price

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Federal Way commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.

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