2024 Office Space Rent & Sales
- $27.43 2024 Avg. Asking Rent
- 3.07% Y-o-Y Avg. Asking Rent Change
- 20.51% 2024 Office Vacancy Rate
Federal Way office price per square foot in 2024 was $27.43 on average. This marked a +3.07% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 20.51% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2024 Average Office Rent per Square Foot
- Washington Class A & A+ Office Space$43.88
- Washington Class B Office Space$28.21
- Washington Class C Office Space$20.51
Federal Way, WA Office Asking Rents by Class
Office Spaces for Rent in Washington
Coworking Spaces in Washington
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2024 Office Construction in Federal Way, WA
| Office building | Address | SF | Completed |
|---|---|---|---|
| Cedar Park at West Campus | 33455 6th Avenue South, 98003 | 48,869 | 2008 |
| Campus Park Professional Building | 33308 13th Pl S, 98003 | 6,316 | 2007 |
| Maplewood Office Building | 33915 1st Way South, 98003 | 32,374 | 2005 |
| Golden Stone Building | 33400 9th Avenue South, 98003 | 35,400 | 1999 |
| Ridgewood Center | 33650 6th Ave S, 98003 | 31,757 | 1989 |
| CHI Franciscan St. Francis Hospital - Medical Office Building | 34509 9th Avenue South, 98003 | 40,667 | 1987 |
| 822 South 333rd Street | 822 South 333rd Street, 98003 | 25,136 | 1987 |
| Russell Plaza | 33600 6th Avenue South, 98003 | 31,769 | 1985 |
| Parklane Executive Center | 31620 23rd Avenue South, 98003 | 40,053 | 1984 |
| Westside Center | 33309 1st Way South, 98003 | 63,347 | 1983 |
Worth noting among recent office completions on the Federal Way market is Cedar Park at West Campus, which is currently the largest new office development in the city, at 48,869 square feet.
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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.