According to CBRE’s annual Tech-30 report, Seattle is the sixth fastest growing tech market in overall office rent growths with rent jumping 12.4 percent between Q2 2017 and Q2 2019.
In tech employment growth, Seattle lands fourth on the list with a rate of 23.7 percent during 2017 and 2018. Seattle landed at the top of the list of the Tech-30 cities list with 34,000 new jobs added in the market. Major tech companies accounted for 45 percent of all leasing activity in the Puget Sound (mostly for expansion purposes) which is promising for long term growth.
As far as the rental market, the South Lake Union neighborhood (home to Amazon, Google, Facebook, Apple) showed a 6.4 percent rental growth in the past two years. The neighborhood’s net absorption ranked number 9 among the Tech-30 cities with a rate of 8.8 percent.
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