Columbia Center
Seattle’s soaring rent prices are no longer exclusive to residential properties; office space too has become premium. During the 2000s and the recession, Seattle was a cheaper place to rent office space compared to similar cities with advanced economies. In the past three years, however, Seattle’s tech boom has made it one of the more expensive cities to rent out office space, recently surpassing Los Angeles and Chicago. That period saw a rise in office rent of 31%, about 2.5 times the national average. Despite construction, office space availability has shrunk compared to other major markets. The vacancy rate has dropped down to 5.7%, the lowest it has been in over a decade. This means Seattle has less vacant offices than San Francisco or Manhattan, currently the two priciest real estate markets in the nation. A recent list by Colliers International placed Central Seattle at the bottom in terms of vacancy rates in the 10 biggest downtown office markets in the United States.
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