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.
| 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.
See reports for nearby markets
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.