Seattle, WA - Office Market Overview
The Seattle, WA, Metropolitan Area includes the Belltown, First Hill, and Pike Market submarkets. With a metropolitan population of nearly 2.9 million, Seattle is a major air and sea port for international trade, and the demand for Class A white-collar office space is driven by an integrated mix of business and industry.
As of mid-2017, the Greater Seattle office market encompasses over 61 million square feet of existing office space in properties larger than 50,000 square feet. As the largest city in both Washington and the Pacific Northwest, the demand for commercial real estate in Seattle continues to grow.
Seattle, WA - Office Inventory Description
A productive mix of both traditional industry and newer cutting-edge businesses such as internet, high-technology and clean energy companies, all contribute to the robust demand for office space in Seattle. With a gross metropolitan product of nearly $250 billion annually, there is continuous demand for white-collar office space in the Seattle metro area. Nearly 78% of the office space in Seattle is Class A or A+, with Class B office product adding another 22% of inventory to the office market.
The Seattle Central Business District office submarket is home to some of the most prestigious office properties in Seattle. Located between I-5 and Puget Sound, this office market in Seattle has Class A office buildings such as the Logan Building on 500 Union Street, the Pacific Building and the Norton Building.
Seattle, WA Commercial Inventory Breakdown
Office Spaces
Total: 91,284,184 SF
By square footage range:
- 50k to 100k SF: 9,614,563 SF / 10.53% of total office
- 100k to 500k SF: 47,455,152 SF / 51.99% of total office
- 500k to 1M SF: 23,890,575 SF / 26.17% of total office
- > 1M SF: 10,323,894 SF / 11.31% of total office
By class:
- Class A+: 12,059,068 SF / 13.21% of total office
- Class A: 50,635,139 SF / 55.47% of total office
- Class B: 19,779,703 SF / 21.67% of total office
- Class C: 283,859 SF / 0.31% of total office
Top 10 Largest Office Buildings
in Seattle
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Starbucks Center | 2401 Utah Avenue South, 98134 | 2,100,000 | 1992 |
| Columbia Center | 701 5th Avenue, 98104 | 1,527,101 | 1985 |
| Rufus 2.0 - Block 19 | 2101 7th Avenue, 98121 | 1,130,790 | 2016 |
| 1201 Third | 1201 3rd Avenue, 98101 | 1,128,575 | 1988 |
| Two Union Square | 601 Union Street, 98101 | 1,126,428 | 1989 |
| Rufus 2.0 - Block 20 | 2100 7th Avenue, 98121 | 1,117,000 | 2019 |
| 4/C | 701 4th Avenue, 98104 | 1,104,000 | n/a |
| Rufus 2.0 - Block 14 | 2021 7th Avenue, 98121 | 1,090,000 | 2016 |
| Seattle Municipal Tower | 700 5th Avenue, 98104 | 990,547 | 1990 |
| 999 Third Avenue | 999 3rd Avenue, 98104 | 983,599 | 1983 |
Most Recently-Built Office Buildings
in Seattle
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 300 Pine | 300 Pine Street, 98101 | 759,084 | 2018 |
| FAA Regional Headquarters | 2200 South 216th Street, 98198 | 280,000 | 2018 |
| Avalara Hawk Tower | 255 South King Street, 98104 | 225,000 | 2018 |
| 9th & Thomas | 234 9th Avenue North, 98109 | 170,592 | 2018 |
| UW Medicine Phase 3.2 | 500 Dexter Avenue North, 98109 | 164,030 | 2018 |
| Madison Centre | 505 Madison Street, 98104 | 753,840 | 2017 |
| F5 Tower | 801 5th Avenue, 98104 | 695,519 | 2017 |
| Amazon Houdini North | 399 Fairview Avenue North, 98109 | 382,389 | 2017 |
| Midtown 21 | 1007 Stewart Street, 98101 | 370,800 | 2017 |
| Tilt 49 - Office Building | 1812 Boren Avenue, 98101 | 292,274 | 2017 |
Seattle, WA - Green Office Space
The Russell Investments Center on 2nd Avenue in Seattle is a prime example of a green office building in Seattle. Constructed in 2006, this nearly 1.25-million-square-foot office property boasts a LEED Platinum certification awarded for energy-efficient design, water use reduction, and sustainable site selection.
Of the Top 30 Green Office Markets in the U.S., Seattle ranks 9th for energy-efficient office buildings. While nearly 4% of the office buildings larger than 50,000 square feet are LEED-certified, close to 9% are Energy Star-rated. The National Green Building Adoption Index survey that was conducted in 2017 looked at commercial office buildings in the 30 largest U.S. markets to determine the amount of energy-efficient properties. Including LEED-certified and EPA Energy Star-rated buildings Seattle came in 9th on the list.
Seattle, WA's Top Office-Using Sectors
Aerospace, bio-technology, and Fortune 500 headquarters are just a few of the business sectors that contribute to the demand in the Seattle commercial real estate market for white-collar Class A office space.
- Aerospace – Boeing and Alaska Airlines are two of the most recognized aerospace companies located in Seattle.
- Bio-Technology – Pharmaceutical and bio-tech companies such as GlaxoSmithKline, Trubion, and ZymoGenetics are just three of the cutting-edge bio-techs in the city.
- Fortune 500 Headquarters – Amazon, Starbucks, Nordstrom, Expeditors International, and Weyerhaeuser are all headquartered in Seattle and provide significant demand for Class A office space in the City.
- Corporate Offices – A large part of the demand for white-collar office space in Seattle comes from the numerous companies that are also based in City, including the Bill & Melinda Gates Foundation, the Infectious Disease Research Institute, and the Fred Hutchinson Cancer Research Center.
Seattle Demographics
Population
- Total Population688,245
- Male Population(50.2 %) 345,628
- Female Population(49.8 %) 342,617
- Median Age35.70
Income/Financial
- Average Household Income$111,233
- Median Household Income$79,565
- Median Income Under 25$40,715
- Median Income 25-44$91,751
- Median Income 45-64$93,188
- Median Income Over 65$50,405
News
French investment bank Natixis secured a $220 million CMBS refinance loan for an Amazon-occupied office space in Seattle, owned by RFR Holding and TriStar Capital. Richard Horowitz, principal of Cooper-Horowitz, and Michael Magner, head of CRE originations at Natixis, represented the lender duri...
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