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…
Case Study – 3201 S Norfolk Street | Seattle Industrial Market
Key Deal Points 3201 S Norfolk Street, Seattle, WA Industrial Warehouse, Brand New Class A Construction ± 49,330 SF Total Tenant Representation 10 Year Lease Term For more information regarding this case study, please contact: Andrew Hull Vice President D (253) 444-3023 ahull@lee-associates.com The Challenge The client required a 50,000 square foot warehouse to support their increased production capacity. The warehouse had to be within proximity to King County Airport. A property that matched their…
Q2 2024 Expanded Puget Sound Industrial Market Report
This report covers the primary developed areas of Snohomish through Thurston County. Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 6% in the 4-county region. Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted projects, but the regional project pipeline is diminishing, not due to demand, but due to…