A Kidder Mathews report indicates that western Washington is seeing more and more vacant offices.
SEATTLE — The commercial real estate market in the greater Seattle area continues to see more and more vacancies, as tech companies grapple with layoffs and rising interest rates.
Vacancy rates in the region jumped to 11.2% in the first quarter of 2023, up from 10.5% at the end of 2022 and nearly double pre-pandemic levels, according to a new report from Kidder Mathews.
Kidder Mathews is the largest independent commercial real estate firm on the West Coast.
Sublet vacancy also rose to 18% from 16% last
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