Employment growth accelerates in the Puget Sound region

While decreased office use impacted demand for office space after the onset of the COVID-19 pandemic, losses in office-using employment are extending the Seattle office market’s downturn. Since 2020, tenants have vacated more than 9 million square feet of office space, and about 43 million is currently marketed as available for lease. However, some recent trends suggest green shoots for the region's beleaguered office market.