The way we work has fundamentally shifted since the onset of the pandemic. Work from home and hybrid options have presented employees with a new level of freedom, while puzzling employers over how to handle their office requirements moving forward. In their search for a new normal, many companies have returned to the office, but they’re hedging their bets: office leases in Seattle are getting shorter.
According to data from CompStak, in the first quarter of 2022, the average office lease in Seattle was down to just 58 months, compared to 71 months in the last quarter of 2021. Pre-pandemic, Seattle was averaging 65-month leases in the first quarter of 2020.