Seattle/Puget Sound leasing activity pulls back after two strong quarters
Quarterly leasing activity in Seattle/Puget Sound totaled 1.3 million square feet (msf) in Q3 2026, a decline of 1.1 msf year over year and a pullback from the 2.4 msf posted in the prior quarter. The slowdown follows two consecutive quarters of leasing volume above 2.0 msf, as several of the market’s largest occupiers completed transactions during the first half of the year. Activity remained concentrated in the Seattle Central Business District (CBD), which accounted for 42.8% of the quarter’s leasing volume. A mix of new leases, expansions and renewals drove the quarter’s activity, led by Tableau’s 114,000-square-foot renewal in Fremont/North Seattle. Given the unusually strong pace set earlier in the year, Q3’s lower leasing volume is not unexpected and similar activity levels are likely in the fourth quarter.