Breakdown of the Seattle Flexible Office Market

While there has been improvement in office demand in the Pacific Northwest, return to office plans remain unpredictable. Seattle is no exception as employees are making demands about where they work, specifically if they are willing to move to less expensive but close by markets such as Bellevue.

Overall Market

• Of the 78 centers analyzed in Seattle, the cost-per-desk for flexible workspace, including coworking, hybrid, and serviced offices, dropped 13 percent year over year ($544 per month in 2022 vs. $624 per month in 2021). Workspaces were comprised of 33 percent coworking, 50 hybrid workspaces, and 17 percent serviced workspaces. Demand was up 60 percent while supply grew just one percent.
• By contract, Bellevue’s market is comprised of just six percent coworking, 56 hybrid workspaces, and 38 percent serviced workspaces. There are just 16 centers, and the cost-per-desk increased 27 percent year-over-year, from $544 per month in 2021 to $690 per month in 2022. Supply has remained the same, and demand has dipped three percent.

Hot-Desks

• Coworker.com, the world’s largest online marketplace for coworking, which recently became part of The Instant Group, currently has listings for 43 coworking spaces in Seattle, and the average cost per hot-desk per month in the city in 2022 is $300, up 31 percent than the global average of $206 but down 4.15 percent from Seattle’s cost-per-hot-desk-per month was $313. In 2019, the average cost per hot desk in Seattle was $305.

Virtual Offices

• Leading virtual office space provider Davinci, also now part of The Instant Group, found that vacancy rates in Suburban Seattle stands at 21.3 percent, down from 22 percent in Q4 2021. The average rate for a virtual office in Seattle is $95 per month.