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Seattle/Puget Sound leasing activity accelerates to start 2026
The Seattle/Puget Sound office market began 2026 with stronger leasing momentum, as Q1 activity reached 2.1 million square feet (msf), up from 1.8 msf one year ago. Leasing was concentrated in larger transactions, led by Microsoft Corporation’s 352,439 square feet (sf) renewal at Redmond Town Center along with several expansions in the Bellevue Central Business District (CBD), including OpenAI at 247,487 sf and Snap Inc. at 40,024 sf. Bellevue CBD accounted for 30.4% of total leasing activity, followed by Seattle CBD at 27.5% and the Eastside at 23.0%. While renewals and expansions drove activity, increased new leasing signals improving tenant confidence, particularly in well-located, high-quality assets.