Seattle has approximately 90 million square feet of commercial space, significantly shaped by Amazon, Microsoft, and a robust life sciences sector. The South Lake Union submarket was transformed by Amazon's headquarters campus. Bellevue across Lake Washington has grown into a major tech submarket. The market has faced elevated vacancy post-2022 as Amazon and other tech tenants reduced their footprints.
By Angel Campa, Founder · Updated March 2026
Commercial Space
90M sq ft
Avg Office Rent
$45–$75/sq ft
Vacancy Rate
24%
Avg Lease Term
5–10 years
Seattle and Bellevue office leases are predominantly FSG or Modified Gross. Tech tenant leases include large TI packages, sublease rights, and termination options. Washington State has no income tax. The elevated vacancy has driven aggressive landlord concessions, making free-rent and TI allowance abstraction critical for understanding true lease economics.
Washington Landlord–Tenant Guide
State-specific commercial lease laws, notice periods, and tenant rights for Washington →
Large tech tenants in Seattle negotiate FSG leases with significant free-rent periods (often 12–24 months), above-market TI ($80–$150/sq ft), and robust sublease rights to manage excess space. These provisions require careful abstraction for sublease marketing and FASB ASC 842 compliance.
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