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.
- 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
| Submarket | YTD Leased (SF) | Leasing as % of Inventory |
|---|---|---|
| Downtown Seattle | 1,660,552 | 2% |
| Bellevue CBD | 851,255 | 6% |
| Rest of Puget Sound | 1,307,852 | 2% |
| Puget Sound Total | 3,819,659 | — |
Data as of July 2026. Source: CoStar, Kidder Mathews Research.
ContactGARY BARAGONA |
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