Puget Sound records strongest first-half leasing activity since 2019

The Seattle / Puget Sound office market continued to gain momentum in Q2 2026, with quarterly leasing activity reaching 2.4 million square feet (msf), surpassing Q1 levels and bringing first-half activity to 4.6 msf. This marked the strongest quarterly leasing performance since early 2019 and the first time since then that the market recorded two consecutive quarters exceeding 2.0 msf of leasing volume. Activity was led by several large transactions, including Uber’s 168,700 square feet (sf) lease and Databricks’ 160,000 sf lease at Four106 in the Bellevue Central Business District (CBD), a Class A tower delivered in 2025. Leasing remained concentrated among larger occupiers, with a mix of renewals, relocations and new leases across multiple industries.

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