This article quotes stats from a recent Kidder Mathew report showing 12% vacancy for landlord-offered space plus an additional 18% vacancy in subleased space, for a total of 30% vacant. There’s undoubtedly additional vacant-but-not-offered space that could push the true vacancy rate to 50%. Over the next 12 months, the broker numbers should converge on that true rate, especially as companies decide on what they keep or let go. Expect values for office space to drop as those “true” numbers work themselves into the broker reports.
https://www.geekwire.com/2023/seattle-area-office-market-clearly-struggling-and-highly-volatile/