July 7, 2025 (Seattle, WA) – Lee & Associates is pleased to announce the successful sale of a 0.39-acre (16,741 SF) dual-zoned development site located at 655 NW 85th in Seattle, WA, on behalf of the seller for $1,500,000. Operating as a self-service car wash since the late 1960s, this property has remained under the same family ownership for decades, becoming a recognizable and well-loved fixture in the community. The transaction drew strong interest from…
Q2 2025 Expanded Puget Sound Industrial Market Report
The Pacific Northwest industrial market has exhibited some renewed volatility in Q2, following the strong rebound in Q1 of this year. Net absorption swung negatively to approximately -1,455,070 square feet, reversing the prior quarter’s gains and pushing the vacancy rate to 8.60%, the highest point in over a year. Despite weaker tenant demand, average annual NNN asking rents increased to $14.47 per square foot, suggesting that landlords remain confident in long-term fundamentals or are holding…
Q1 2025 Industrial Market Report
The Pacifi c Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the fi rst quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no signifi cant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with…
Q1 2025 Expanded Puget Sound Industrial Market Report
The Pacific Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the first quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no significant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with uncertainty in economic…
South Sound Industrial Market Navigates Rising Costs, Trade Shifts, and Evolving Tenant Demand
SOUTH SOUND—The South Sound industrial real estate market is entering a period of transition, shaped by evolving economic conditions, shifting tenant preferences, and the return of trade policies that could have far-reaching consequences. Certain sectors—particularly manufacturing related to energy projects—are beginning to see renewed activity although vacancies are increasing, according to an analysis by Lee & Associates market analysis provided by Vanessa Herzog and Justin Froelich. Overall, the South Sound market is displaying subtle but…
Case Study – Tumwater Corporate Center
OVERVIEW Tumwater Corporate Center Building 1 2422 93rd Ave SW, Tumwater, WA Industrial / Distribution Facility ± 149,340 SF Total ± 3,000 SF Office Landlord: Crow Holdings Tenant: Daedong USA Lease Rate: $0.86 PSF Shell $1.55 PSF Office Add-on, plus NNN ABOUT THE CLIENT Daedong-USA, Inc., distributes Kioti tractors and equipment, part of Daedong Corporation’s 70+ year legacy in innovative agricultural solutions. With an expanding portfolio of autonomous and AI-driven technologies, Daedong-USA serves customers globally…
Case Study – 1510 & 1616 St. Paul Ave
OVERVIEW 1510 & 1616 St. Paul Ave, Tacoma, WA Industrial Warehouse ± 138,788 SF Total Buyer Representation Sale Price: $19,510,000 ($141 PSF) THE CHALLENGE Lee & Associates successfully represented SMARTCAP in their first Southend industrial acquisition—a 138,788-square-foot warehouse in a highly competitive market. This property, located in an A+ core infill area in the Port of Tacoma, offered immediate access to the port, Interstate 5, and rail. Multiple offers were submitted due to the property’s…
LEE & ASSOCIATES | PACIFIC NORTHWEST EXPANDS MULTIFAMILY TEAM WITH SARA ENSLOW BAGO, MSRE
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,…
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….