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…
Q2 2024 Retail Market Report
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)…
Q2 2024 Multifamily Market Report
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…
Q2 2024 Office Market Report
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…
Q2 2024 Industrial Market Report
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…
Lee & Associates Brokers Largest Pierce County Office Lease of 2024
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….
Celebrating Excellence: Announcing the 2024 Lee Summit Award Winners
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 Market Updates – June 2024
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…