This Note presents an analytical solution of two-dimensional axisymmetric wakes valid in the development region, before the ultimate equilibrium state. Based on the boundary layer equations in polar coordinates, assuming a small velocity defect, the problem reduces to a linear diffusive equation and can be expressed as an eigenvalue problem. Then a complete set of eigenfunctions is analytically obtained, which are damped and evolve self-similarly in space. The first mode corresponds to the Schlichtingʼs solution, in agreement with the downstream asymptotic behavior.