Mar 4, 2024 - News

Seattle's office vacancies are below the national rate

Metro area office vacancy rate, Q4 2023
Data: Moody's Analytics; Chart: Axios Visuals

The Seattle area's office vacancy rate — 17.4% — is below the national rate of 19.6%, according to data from Moody's Analytics for the fourth quarter of 2023.

Why it matters: Office building vacancies nationally continue to be an issue, hitting a record high in the fourth quarter of last year as companies adapt to the new norms of remote and hybrid work by shrinking their physical footprints, writes Axios' Emily Peck.

Catch up quick: Last year, Seattle saw the greatest decline in demand for office space among seven large American cities, according to a commercial real estate software company.

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