2015 Q1 MarketBeat Seattle CBD Office Snapshot: Asking Rental Rates are Expected to Continue Rising
The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.
The Seattle CBD showed improvement as the overall vacancy rate declined by 2.8 percentage points on a year-over-year basis. Asking rents continued to climb in all submarkets with an overall increase of 4.0%, while class A rent increased by 5.6%.