Employment gains in the Puget Sound region are boosting office demand, with momentum continuing at a steady clip over the first six months of 2012. Region-wide, the overall vacancy rate declined 190 basis points over this period to 16.5 percent, and is down from 19.4 percent year-over-year. With high-tech employment growing at a rate of 5.5 percent, office demand has been predominantly driven by this industry, particularly in Downtown Seattle.
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Article via: Western Real Estate Business, Seattle Market Highlights August 2012