The demand side of the rent growth equation just came into focus.

Office leasing across the Puget Sound posted its strongest quarter since 2019. The companies signing leases are household names. The square footage is significant. And more than 70% of that demand is coming from outside the region entirely. That is net new economic activity landing in our backyard.

Here is what that means for apartment owners: every office lease is a hiring plan, and every new hire is a new renter. Office leasing today is a leading indicator of apartment rent growth tomorrow.

Last month, we covered the supply side. New deliveries are falling fast. Now demand is accelerating. These two forces are converging, and we have watched this exact sequence play out in another major West Coast market with significant results for apartment owners.

Both sides of the equation are pointing in the same direction. The window to get ahead of this trend is now, before it shows up in the sale comps.

Watch the full update to see what is driving this shift and what it means for your portfolio.

Dylan and JD are two of the most active institutional brokers in Seattle and the Puget Sound region, specializing in the sale of apartment buildings and development land across Washington state.

DYLAN SIMON

Executive Vice President

206.414.8575

JD FULLER

Senior Associate

206.665.3272