Seattle-Tacoma Office Market Report

Recognizable names moving into Bellevue. Last fall brought notable Bellevue leases by AI firms such as OpenAI, Statsig, and Anduril. Metro move-ins in 2026 include several biotech companies like SystImmune, AGC Biologics, and Cytek. As tech campuses for Microsoft and Amazon account for most of this year’s deliveries, minimal other new supply should reinforce fundamentals amid other headwinds. This will be the first full year since the state of Washington began applying sales tax rates to professional services. This may affect metro leasing choices in two ways. These taxes will be paid only on services rendered in the state, mattering most to firms with heavily local clients. Additionally, the sales tax rate paid is the sum of state and local rates, which could play a minor role in steering tenants toward submarkets with lower tax rates. At the market level, the new sales tax may contribute to softer leasing, keeping vacancy roughly unchanged in 2026.