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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,…

Key Deal Points 1806 16th Ave., Seattle, WA Multiple Offers Sale Price: $1.5M Redevelopment Play Closed in 70 Days   It was a pleasure working with the Lee & Associates Multifamily team. They were responsive and focused on how to net me the highest proceeds in the shortest amount of time. I was pleased that even though the buyer was a developer, I didn’t have to wait around for a typical developer closing timeline. The…

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…

Key Deal Points 4714 22nd Ave NE, Seattle 12-unit Sale Price $3.4M Closed within 34 days Represented 1031 Buyer   The team at Lee & Associates helped me confidently navigate the sale of my building, an exchange into a new property, and all the stages and deadlines in between. I look forward to with them again.  – Ann For more information regarding this case study, please contact: Candice Chevaillier, CCIM Principal D  (206) 773-2694 cchevaillier@lee-associates.com…

Q1 2024 sees a measurable 14% increase in the absorption as new construction stock continues lease up. Both rents and vacancy rates remained steady over the period. It is interesting to note current rents are equivalent to Q1 2023, one year ago. We do not expect significant rent growth for the remainder of the year as the market continues to absorb newly delivered units. Strong Q1 absorption numbers in a traditionally slow winter market indicate…

Seattle’s office market is showing signs of life. It has yet to materially impact vacancy, but leasing activity is picking up. Pokémon signed a lease for 16 floors in The Eight, an under-construction tower in the Bellevue CBD. This is the largest lease in the market in three years, and the largest in Skanska’s history. There were three office sales this quarter that exceeded $30 million, all of which were larger than any in 2023….

After a fairly rough end to 2023 Q1 continues to present problems for the general market recovery that was anticipated to begin in 2024. We have continued to see the contraction of companies that grew during Covid as well as deliveries of new construction. Combined, the overall vacancy rates climbed nearly 3% year over year. There is a silver lining in that we continue to see rents increase overall with some increased concessions, but general…