Downtown Seattle saw strong momentum in early 2025 as more companies called employees back to the office.
Downtown worker numbers surged to nearly 94,000 daily in February 2025 — the second-highest total since March 2020 and a 63% recovery from pre-pandemic levels, according to a recent report from CBRE. Despite the rebound in activity, Seattle’s office vacancy rate rose slightly in Q1 2025 to 26.9%, up 40 basis points from year-end 2024.
The market also recorded 378,962 square feet of negative absorption in Q1, more than doubling the prior quarter’s total. Still, Seattle’s outlook remains positive. Employment growth is steady at 1% annually, with wages rising and unemployment at a low 4.3%.
While the Seattle office market experienced some notable changes, Q1 ended predictably with 359,616 square feet of negative net absorption. The activity was influenced by the ongoing “flight to quality,” with companies seeking premium office space in top-tier buildings.
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