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Market Highlights
- Overall vacancy stands at 17.9%, up 250 basis points (bps) year over year. Direct vacancy has risen 410 bps since Q1 2025 to 16.8%, while sublease vacancy has fallen to its lowest level since 2023.
- Washington Research Foundation awarded a $7.0 million grant to UW’s Institute for Protein Design, supporting expansion of research and lab space in Seattle’s South Lake Union.
- Arzeda, a protein design company, raised the largest funding round in the Seattle region this quarter, securing $21.5 million in Series B funding.