Puget Sound (Greater Seattle) Office Leasing Activity 2026 YTD

Puget Sound office leasing reached 3.8 million square feet in the first half of 2026, with Bellevue CBD emerging as the region’s top-performing submarket on a relative basis, driven by major lease commitments from AI and technology firms including OpenAI, Uber, and Databricks.

Key Takeaways

• Puget Sound office leasing reached 3.8M SF during the first half of 2026, driven by major long-term commitments from AI, technology, software, and professional services firms.
• While Downtown Seattle leased nearly twice as much space as Bellevue CBD on a square-footage basis, Bellevue CBD significantly outperformed relative to market size, leasing 6% of its inventory versus 2% in Downtown Seattle.
• Bellevue CBD has recently emerged as one of the region’s leading hotspots, fueled by strong tenant demand and an overall more cost-effective business environment compared to Seattle.
• Recent large leases in Bellevue CBD that illustrate the submarket’s growing appeal include: OpenAI (247,000 SF), Uber (168,000 SF), Databricks (160,000 SF).

Puget Sound Office Leasing Activity — 2026 YTD

Frequently Asked Questions

What submarket led Puget Sound office leasing in the first half of 2026?

Downtown Seattle leased the most space overall at 1,660,552 SF, but Bellevue CBD outperformed on a relative basis, leasing 6% of its inventory compared to 2% in Downtown Seattle.

How much office space was leased in Puget Sound during 2026 YTD?

Puget Sound office leasing reached approximately 3.8 million square feet (3,819,659 SF) during the first half of 2026.

Why is Bellevue CBD outperforming Downtown Seattle in office leasing?

Bellevue CBD has emerged as one of the region’s leading hotspots, fueled by strong tenant demand and a more cost-effective business environment compared to Seattle.

Which companies signed notable office leases in Bellevue CBD in 2026?

Recent large leases in Bellevue CBD include OpenAI (247,000 SF), Uber (168,000 SF), and Databricks (160,000 SF).