A new quarterly report from the commercial real estate firm Cushman & Wakefield showed Class A office rents in downtown Seattle dropped $4.56 in the first quarter, slipping to $34.27 a square foot. That compares with $38.83 a square foot at the end of 2008.
Meanwhile, downtown office vacancies rose 1 percent in the first quarter as tenants gave back more than 600,000 square feet of space. The first quarter vacancy rate in Seattle’s central business district climbed to 11 percent, compared with vacancies of 10 percent in the fourth quarter of 2008.
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