Puget Sound leasing activity reaches five-year high led by renewal

The Seattle/Puget Sound market posted its strongest quarter of leasing activity since 2019. Quarterly leasing volume reached 2.4 million square feet (msf), up from 1.3 msf one year ago. The Southend submarket accounted for 36.1% of activity, driven by Starbucks’ 776,280-square-foot (sf) renewal at 2401 Utah Avenue South, the largest transaction of the quarter. Eastside also recorded a notable expansion by SystImmune, Inc., which leased 87,273 sf at 22213 30th Drive Southeast. While this represented a major step up in leasing velocity, activity remained concentrated among renewals and expansions rather than net new growth.

Read the full report