Office vacancy expansion slows in the Puget Sound region

Over the past year, the vacancy rate for office properties across the Puget Sound region increased from about 12.9% to 15.7%. While the 280-basis point increase was one of the highest jumps in the region’s history, it represents a deceleration in vacancy expansion. Last year, the area’s office vacancy rate expanded even more rapidly, growing by about 410 basis points.