MARKET SNAPSHOT

2026 Seattle Forecast

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2025

FORECASTED ANNUAL CHANGE

2026

$2,041

Q4 AVG. EFFECTIVE RENT

ANNUAL CHANGE

$2,085

Q4 Avg. Effective Rent

93.8%

Q4 AVG. OCCUPANCY

ANNUAL CHANGE

93.6%

Q4 Avg. Occupancy

10,556

2025 COMPLETIONS

10 Yr. Avg. Annual Completions

5,115

2026 COMPLETIONS

9,605

2025 NET ABSORPTION

10 Yr. Avg. Annual Absorption

5,494

2026 NET ABSORPTION

Source: CoStar

Key Market Themes for 2026

Effective rent growth is projected to rebound to 2.1% in 2026 as fewer new deliveries reduce lease-up competition and concession pressure.
Completions are projected to fall 52% in 2026, yet occupancy still edges down, signaling that pockets of the market remain in catch-up mode after heavy deliveries and a softer second half of 2025 demand.
Absorption is projected to step down materially in 2026, which should keep leasing more selective and push performance dispersion wider between supply-exposed nodes and supply-limited, established submarkets.

MARKET OUTLOOK

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Seattle’s 2026 outlook is defined by improving market balance as the development cycle resets. After a period where new supply was the dominant headwind, the pipeline is thinning quickly and should reduce the number of lease-ups competing for renters as the year progresses...