Monthly Report | Seattle Sublease Trends November 2020

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Fueled by Tableau’s 139K at Fremont LU Center and Dropbox’s 121K SF at 2+U, the Downtown Seattle market has now blown past the 3.5M SF of total sublease space available up to 3.69M SF. Available sublease space has grown month over month in every submarket with the exception of Pioneer Sq/Waterfront, which saw 19K SF of absorption. Significant growth has continued in the CBD (14%), attributed in large part to the aforementioned Dropbox space, but also by significant space at the Decatur Building (56K SF), 5th & Pine (13K SF), and 1700 7th (12K SF). Belltown (222K SF, 41%), Lake Union (31K SF, 17%), and Ballard (131K SF, 458%) all saw significant upward surges, though it’s important to note their smaller stature can be skewed heavily by one large space (ex: Ballard/U Dist this month).


Seattle Sublease Trends Image

Monthly Report | Seattle Sublease Trends November 2020

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Jacob Pavlik

Research Manager

Portland

Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively.  At Colliers, he leads a team of researchers to  collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He publishes three quarterly reports in each market: Office, Industrial, and Multifamily, in addition to two skyline reviews and 10 statistical packages for submarket clusters in Puget Sound and two skyline reviews in Portland. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.

His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in Puget Sound and Portland evolve over time.

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Nicholas Carlsen

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