Seattle Class A office asking rent in Q1 2026 is $58.40/SF/yr ($49.60/SF effective net of concessions), with vacancy at 25.7% per JLL Seattle Insight Q1 2026. Free rent on a 60-month Class A deal is running 8 to 12 months downtown, 4 to 6 months Bellevue; TI allowance $60 to $85/SF downtown, $40 to $55/SF Bellevue; blended NNN/CAM $10 to $13/SF.
TL;DR
Seattle’s tenant gravity migrated to Bellevue starting with Amazon’s Tower II opening Q3 2025. Downtown Class A vacancy hit 27% while Bellevue stayed near 14%. Substantial concession packages downtown; tighter terms across the lake.
Seattle Class A office market data (Q1 2026)
| Metric | Value | Source |
|---|---|---|
| Class A asking rent | $58.40/SF/yr | JLL Seattle Insight Q1 2026 |
| Class A effective rent | $49.60/SF/yr | JLL Seattle Insight Q1 2026 |
| Vacancy | 25.7% | JLL Seattle Insight Q1 2026 |
| Free rent (60-month deal) | 8 to 12 months downtown, 4 to 6 months Bellevue | JLL Seattle Insight Q1 2026 |
| TI allowance (Class A, 5-year) | $60 to $85/SF downtown, $40 to $55/SF Bellevue | JLL Seattle Insight Q1 2026 |
| NNN/CAM blended | $10 to $13/SF | JLL Seattle Insight Q1 2026 |
Seattle submarkets
Top submarkets and pricing:
- Submarkets: Downtown, South Lake Union, Bellevue, Pioneer Square
- Submarket pricing: Downtown $48-$58, SLU $52-$62, Bellevue $50-$60 (tighter)
- Tightness leader: Downtown typically commands the highest rent and lowest vacancy in Seattle
Submarket-specific pricing per JLL Seattle Insight Q1 2026 and per-submarket field reports.
How to use this data
For your specific deal:
- Use our pillar TCO calculator with
metro:seattleand your specific RSF, term, and property type. - Compare your proposed deal to the asking rent above; the asking-vs-effective spread in soft markets can be 15 to 25%.
- Benchmark concessions: free rent and TI in the table above are market medians. Your deal should be within range.
- Push on negotiation levers via our AI Negotiation Coach.
Property type rent ratios (vs Class A office, applies to Seattle)
- Office Class B: ~78% of Class A
- Retail storefront: ~115% (premium for traffic-driven submarkets)
- Restaurant/QSR: ~132% (grease/hood/gas premium)
- Industrial / warehouse: ~42%
Apply ratios to the Class A asking rent above for rough property-type estimates. For precise property-type rent, see Commercial lease cost per square foot metro index.
The Seattle-Bellevue split in 2026
Seattle’s commercial office market split into two submarkets after Amazon’s Tower II opened Q3 2025 in Bellevue:
- Downtown Seattle: $58.40/SF asking, $49.60/SF effective; vacancy 27%. Soft market.
- Bellevue: $55 to $68/SF asking; vacancy 14%. Tight market.
Per JLL Seattle Q1 2026 Insight, Amazon’s net hiring gravity moved meaningfully east, plus Microsoft’s Redmond headcount reinforces Bellevue. Downtown Seattle is the soft submarket; Bellevue is tighter than most peer cities.
Seattle vs Bellevue: which to choose
For deal-specific analysis:
- Cost-sensitive growth tech: downtown Seattle. Concession packages are at multi-year highs. 8 to 12 months free + $60 to $85 PSF TI on 5-year Class A deals.
- Talent-dependent senior tech: Bellevue. Where Amazon and Microsoft hiring concentrates. Pay the premium.
- Mid-size B2B services: either works. Choose by workforce commute pattern from your specific hiring footprint.
Seattle submarket detail
| Submarket | Asking $/SF | Vacancy | Notes |
|---|---|---|---|
| Downtown Seattle CBD | $48 to $58 | 27% | Soft; substantial concessions |
| South Lake Union | $52 to $62 | 25% | Amazon legacy; biotech |
| Pioneer Square | $42 to $54 | 28% | Older Class B; tech leaning |
| Bellevue | $55 to $68 | 14% | Amazon/Microsoft anchored |
| Redmond | $45 to $58 | 16% | Microsoft headquarters |
Source: JLL Seattle Q1 2026 + Cushman & Wakefield Seattle Marketbeat.
What to negotiate in downtown Seattle
Five lever priorities for downtown Seattle tenants in Q1 2026:
- Free rent: 8 to 12 months on 60-month deals. Substantial concessions reflecting 27% vacancy.
- TI allowance: $60 to $85/SF for Class A. Higher for first-gen with major buildout.
- NNN abatement during free-rent period: increasingly negotiable in this soft market.
- Sublease rights with reasonable consent: critical given hybrid-work uncertainty.
- Renewal options at fixed cap: lock in pricing in case downtown recovers.
Bellevue-specific dynamics
For tenants choosing Bellevue:
- Concessions are tighter: 4 to 6 months free + $40 to $55 PSF TI is the realistic ask. The premium is real.
- Parking is more bundled: Bellevue Class A often includes parking; Seattle CBD typically doesn’t.
- Workforce attraction: Eastside-resident workforce prefers Bellevue. Westside-resident workforce prefers Seattle.
Who should lease where in 2026
We believe the right Seattle/Bellevue choice is increasingly about workforce geography rather than rent. Tenants whose senior engineers live east of Lake Washington should pay the Bellevue premium; tenants drawing from Seattle proper should take the downtown deal.
For deal-specific analysis: use our pillar TCO calculator with metro:seattle and your specific terms.
How Seattle compares to peer metros
When evaluating Seattle against peer metros for a 5-year Class A office lease, three comparisons matter:
- Effective rent vs asking: in Seattle Q1 2026, the asking-vs-effective spread depends on submarket vacancy. Tighter submarkets (under 18% vacancy) hold value; softer submarkets (above 22% vacancy) deliver materially better effective rent.
- Total cost of occupancy: load NNN/CAM, escalations, and broker commission into the all-in number. Seattle’s blended TCO loading factor is in the 28 to 35% range typical of major US metros per the CBRE Total Cost of Occupancy framework.
- Workforce concentration: pull BLS Quarterly Census of Employment and Wages data for your specific industry’s employment in the Seattle MSA. Cheap rent in a market without your sector’s talent pool is a hiring trap.
For metro-by-metro comparison: Commercial lease cost per square foot metro index.
When to engage a tenant rep broker for a Seattle deal
For Seattle deals over 1,000 SF, engage a tenant rep broker. The broker is paid by the landlord (4 to 6% of gross rent over the term per CCIM fee guide), making representation effectively free to the tenant. Self-rep tenants don’t capture the saved commission; landlords or listing brokers retain it as margin.
For Seattle specifically, prioritize brokers with submarket experience in your specific area of the metro. Generalist city-wide brokers can miss submarket-specific dynamics that drive deal economics.
For broker selection: Top commercial tenant rep brokers 2026.
Frequently asked questions
Why is Bellevue stronger than downtown Seattle in 2026?
Amazon’s net hiring gravity moved to Bellevue (60,000 SF Tower II opened Q3 2025). Microsoft’s Redmond headcount also pulls Bellevue. Downtown Seattle Class A vacancy hit 27% while Bellevue stayed near 14%.
How aggressive can I get on free rent in Seattle?
Downtown Class A: 8 to 12 months free on a 60-month lease + $60 to $85 PSF TI. Bellevue: 4 to 6 months free + $40 to $55 PSF TI. The negotiating delta is real.
What’s the standard tenant-rep broker commission in Seattle?
4 to 6% of gross rent over the lease term, paid by the landlord (not the tenant). Tenant-side representation in Seattle is essentially free to the tenant in standard markets, always engage one for any deal over 1,000 SF.
Related guides
- Pillar: all-in commercial lease cost calculator
- Commercial lease cost per square foot metro index
- Commercial lease negotiation tips and AI coach
- NNN lease calculator
Sources
- JLL Seattle Insight Q1 2026 accessed 2026-05-02
- CommercialEdge Q1 2026 Office Report accessed 2026-05-02
- BLS Local Area Unemployment Statistics accessed 2026-05-02
Not financial or legal advice. Estimates based on publicly available market data and broker reports. Commercial real-estate is highly local and deal-specific. Consult a licensed commercial real-estate broker and a real-estate attorney before signing any lease.