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The Puget Sound retail market continues to struggle in downtown urban areas, while suburban markets flourish. With office sector vacancy rates remaining high and many people working from home full or part-time, daily retail mirrors its COVID-era trajectory. Vacancy rates hover around 3.5% market-wide but are significantly higher in downtown Seattle, ranging from 12-14%. MARKET INDICATORS Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 ↑  12 Mo. Net Absorption (SF) (688,394) (668,493) (548,911)…

Absorption is up over 33% between Q1 and Q2 while the vacancy rate is beginning to inch back down. Asking rates have begun to slowly trend up again from the lows of 2023 and the beginning of 2024. We are seeing that the construction pipeline has fallen 15%. After four quarters of total units under construction over 24K, the total units now under construction is now just over 21K. The net absorption data is up…

The Seattle office market faces its worst downturn in over 40 years, in part due to remote work and tech company exposure. While leasing velocity improved slightly in early 2024, absorption remains negative, and the regional vacancy rate is projected to rise as companies continue to adjust post-Covid. High availability, slower leasing, softening rents, and significant concessions favor tenants. Despite some positive absorption in Bellevue, regional office utilization remains low. Office valuations and sales volume…

Industrial markets in the Pacific NW are adjusting but remaining steady. Vacancy rates are around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but is picking up in the second. New construction is active, but the project pipeline is diminishing due to high land price expectations, stabilized rental rates, and continued high construction costs. This trend is expected to continue  into 2025, frustrating…

July 11, 2024 (Tacoma, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the lease of 1305 Tacoma Avenue, located in Tacoma, WA on behalf of their clients, 1305 Tacoma Building LLC and Dungarvin Washington Supported Living, LLC. Dungarvin signed a lease for 18,296 SF at 1305 Tacoma Avenue starting October 1, 2024. It will be relocating from 20,150 SF at its current location, 8815 South Tacoma Way in Lakewood, WA….

At Lee & Associates | Pacific Northwest, we take great pride in recognizing the outstanding achievements of our team members. This year, we are excited to announce the winners of the 2024 Lee Summit Awards. These awards highlight the exceptional contributions and dedication of our professionals who go above and beyond in their respective fields.   John Brussa – Rising Star John Brussa has been honored with the Rising Star award. John’s exceptional performance, innovative…

PACIFIC NORTHWEST INDUSTRIAL MARKET Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hover­ing around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). 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…

Lee & Associates | Pacific Northwest Congratulates Mason Cogle on NextGen Award Recognition We are thrilled to announce that Mason Cogle, Vice President and esteemed broker at Lee & Associates | Pacific Northwest, has been honored with ConnectCRE’s NextGen Award in the Pacific Northwest region. This prestigious award recognizes rising leaders in the commercial real estate industry who are making significant contributions to their communities and the field at large. Mason’s dedication, expertise, and innovative…

Congratulations to Sean Durkin on Being Named an Aspiring Leader in CRE for 2024! We are thrilled to announce that Sean Durkin, one of our outstanding Principals, has been recognized as one of the Aspiring Leaders in CRE for 2024 by GlobeSt.com! This prestigious accolade highlights Sean’s exceptional contributions to the commercial real estate industry and his unwavering commitment to excellence. Since joining Lee & Associates | Pacific Northwest, Sean has demonstrated remarkable leadership, innovation,…

May 1, 2024 – Tacoma, WA – Electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) leased a 54,000-square-foot industrial building at 1323 34th Ave. E. in Fife last week. The move was announced by Vanessa Herzog of Lee & Associates, who helped broker the deal on behalf of the building’s owner, industrial real estate investor Berkeley Partners. It is not clear how Rivian will use the space, though the company’s website shows a service center is coming…