Seattle / Bellevue Office Market Report
By PropZone Research · Data through Q2 2025 · Aggregated from Newmark, CBRE U S Cap Rate Sur
Quarterly office market indicators for Seattle / Bellevue, aggregated by PropZone from Newmark, CBRE U S Cap Rate Sur. As of Q2 2025, average asking rent was $51.97/SF.
Projected current office pricing — Seattle / Bellevue
low confidenceProjected asking rent
$51.97/SF/yr
Estimated sale value
$319–$414/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q2 2025 Newmark data (cap rate 7.5%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2025 | $51.97/SF | — | — | — | Newmark |
| Q2 2025 | $51.97/SF | — | — | — | CBRE U S Cap Rate Sur |
| Q1 2025 | — | — | -361K SF | — | Newmark |
| Q4 2024 | — | — | -277K SF | — | Newmark |
| Q3 2024 | — | — | -112K SF | — | Newmark |
| Q2 2024 | — | — | -128K SF | — | Newmark |
| Q1 2024 | — | — | -940K SF | — | Newmark |
| Q4 2023 | $44.73/SF | — | -929K SF | — | Newmark |
| Q2 2023 | $45.08/SF | 12.4% | — | — | Newmark |
Frequently asked questions
- What is the average asking rent for office space in Seattle / Bellevue?
- As of Q2 2025, the average asking rent for office space in Seattle / Bellevue was $51.97/SF, per Newmark.
- What is the office vacancy rate in Seattle / Bellevue?
- Vacancy data for Seattle / Bellevue office is aggregated from brokerage reports; refer to the quarterly table for available quarters.
- Where does PropZone's Seattle / Bellevue market data come from?
- This report aggregates quarterly office market data for Seattle / Bellevue from Newmark, CBRE U S Cap Rate Sur.
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