Seattle-Area Office Market Vacancy Continues to Rise Amid Layoffs, Inflation

The commercial real estate market in the greater Seattle area continues to see more and more vacancies, as tech companies grapple with layoffs and rising interest rates.

Vacancy rates in the region jumped to 11.2% in the first quarter of 2023, up from 10.5% at the end of 2022 and nearly double pre-pandemic levels, according to a new report from Kidder Mathews.

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