December 12, 2024 (Bellevue, WA) – Lee & Associates, the largest broker-owner commercial real estate firm in North America, proudly announces the addition of Sara Enslow Bago, MSRE, to its Multifamily Team. This strategic expansion underscores the company’s commitment to providing innovative investment sales solutions. With over 15 years of experience in commercial real estate and finance, Sara brings a wealth of expertise from local and multinational real estate lending institutions. A Puget Sound native,…
NAIOP Night of the Stars Award Finalists 2024
At Lee & Associates | Pacific Northwest, we are thrilled to celebrate the exceptional accomplishments of our talented team. This year, two of our outstanding brokers have been honored as finalists at the 2024 NAIOP Night of the Stars Gala. These prestigious awards recognize the dedication, expertise, and extraordinary contributions of professionals shaping the commercial real estate industry. Candice Chevaillier, CCIM Candice Chevaillier has earned a finalist spot in the Multifamily Broker of the…
Historic 1102 Broadway Achieves Full Occupancy as Tacoma Office Market Strengthens
TACOMA, WA (November 1, 2024) — Lee & Associates announced today that 1102 Broadway has reached 100% occupancy following seven new lease signings in the past six months, highlighting strong demand for premium office space in downtown Tacoma’s thriving market. The latest wave of leasing activity includes the highly anticipated relocation of the popular dining and happy hour spot, Wooden City, which will occupy prime street-level space. Additional new tenants include Fox Ballard PLLC, environmental…
DAEDONG-USA SIGNS LEASE FOR 149,340 SF WAREHOUSE IN TUMWATER
November 7, 2024 (Bellevue, WA) – Lee & Associates, the largest broker-owned commercial real estate firm in North America, is pleased to announce the successful lease of a 149,340-square-foot warehouse, along with three acres of secured auxiliary yard/parking, at Tumwater Corporate Center in Tumwater, WA. The tenant, Daedong-USA, Inc., a leading Korean tractor manufacturer, will use the facility to distribute products under its Kioti brand, imported through the Northwest Seaport Alliance’s North and South bays….
Q3 2024 Retail Market Report
The third quarter of 2024 was active for the retail market, driven by a slight dip in interest rates, spurring buyer interest. Vacancy rates saw a minor decrease from 3.4% to 3.3%, and the annual average NNN asking rate softened slightly to $29.34 per square foot. Amid pre-election uncertainty, investors emerged from the sidelines as rates reached their lowest since Q3 2023, reflecting renewed confidence in retail opportunities. MARKET INDICATORS Q3 2024 Q2 2024 Q1…
Q3 2024 Office Market Report
The Seattle office market continues to struggle, with net absorption reaching -2.7 million square feet in Q3 2024, a decline from Q2’s -2.5 million square feet. The vacancy rate increased to 15.7%, up from 15.1% in the previous quarter, indicating persistent challenges. The average asking rent decreased slightly to $36.82 per square foot annually, offering tenants softening rents and increased concessions. High availability and slow leasing momentum exert pressure on landlords, while trends like remote…
Q3 2024 Multifamily Market Report
Absorption is up 30% between Q2 and Q3 2024. Vacancy is holding steady, while up a touch from Q2, still lower than the previous three quarters. Asking rents are even with Q2, and up 4.2% from a year ago. The construction pipeline has fallen 19% with 17,628 units under construction, compared with just over 24K over the previous four quarters. New development starts are down 40% from this time last year, and off about 60%…
Q3 2024 Industrial Market Report
In Q3 2024, the Puget Sound industrial market saw a net absorption decline to -3.2 million square feet, down from -2.1 million square feet in the previous quarter, reflecting a continued softening in demand. The vacancy rate rose slightly to 7.8%, up from 7.4% in Q2, indicating increased space availability. Additionally, the average annual NNN asking rent decreased to $14.26 per square foot, down from $14.82. These trends suggest ongoing adjustments in the market as…
Q3 2024 Expanded Puget Sound Industrial Market Report
The I-5 Corridor industrial market, spanning Whatcom to Clark counties, is experiencing a period of adjustment. Vacancy rates have risen to 7%, up from the five-year average of 4.3%. Leasing activity has slowed, with net absorption showing a negative figure of over 2 million square feet. Despite this, construction remains active, with over 12 million square feet under development, although the volume of new construction starts is decreasing. High land costs, stabilized rental rates, and…
Case Study – Mukilteo Industrial Market
Key Deal Points 12407 Mukilteo Speedway, Mukilteo, WA Industrial 5,040 SF Total 700 SF Office For more information regarding this case study, please contact: Ryan Aleinikoff Associate D (425) 818.2654 raleinikoff@lee-associates.com Richard Peterson Principal D (206) 773.2677 rpeterson@lee-associates.com Chris Peterson Principal D (206) 773.2678 cpeterson@lee-associates.com The Challenge Find a replacement tenant for a suite that was going to be vacated from an expanding tenant. To save the landlord money, we had to find…