Projections for the 2022 Seattle Office Market

We were 60% correct on last year's assumptions. Not bad for a pandemic year! Click here to see the details!

Below are our predictions for the 2022 Seattle Office Market:

1. Seattle will experience a greater increase in net absorption this year than Bellevue.

A combination of Seattle recovering in the second half of 2022 combined with Bellevue’s increased rents and lack of availability will shift the pendulum.

2. In 2022, Return to Work will be at employees' discretion (mostly).

Companies and employees have become exhausted with hard dates. The world is too unpredictable. You will see a Return to Work this year but mostly from those that want the office experience.

3. Meta/Oculus will expand more than any other company in the region.

Within core markets, Google and Amazon will slow down growth compared to the previous 2-3 years.

4. Landlords will (slowly) sign Co-Working deals again.

We anticipate at least 3 Co-Working deals signed in 2022. Despite historically poor credit histories, demand for flexible space will force Landlords to accommodate and bring on flexible operators.

5. Professional Service companies will either contract in size or stay the same. Technology companies will grow.

Over 50% of the demand for space is tech. This number continues to creep up year over year and even exceeds the ratio seen in San Francisco. The days of professional service companies moving the needle in our region are fleeting.

6. Life Science will expand outside of core markets (SLU & Bothell)

The increased demand for biotech and lack of supply in South Lake Union and Bothell will push developments and/or conversions to alternative markets like the University of Washington, Bellevue, or Renton. We expect to see three or more life science announcements in these alternative markets in 2022.

Our team is always here to chat through this further, discuss best practices or outline your firm’s position as it relates to the market. Contact us if we can ever be a resource.