Seattle Office Leasing Tepid in First Half of 2023

Leasing activity in the Seattle metropolitan region remained well below the long-term average in the first half of 2023. About 3.6 million square feet of office leases were recorded in the first two quarters of the year. The average first half of any given year before the pandemic was 5.6 million square feet. This year’s total is also down from the 4 million square feet of office leases recorded in the first half of 2022.