OFFICE MARKET OVERVIEW Vacancy and rental rates remained flat quarter-over-quarter, while office leasing volume continued to slowly gain steam. Much of the recent activity in Seattle and Bellevue has come from AI fi rms solidifying a presence in the market. Anthropic, xAI, Databricks, CoreWeave, Crusoe, and eNeural Technologies are just some of the tenants growing locally. While sales activity was again driven by owner-users and investors targeting value-add and opportunistic assets at distressed prices, several…
Q2 2026 Retail Market Report
RETAIL MARKET OVERVIEW Retail continued to struggle in the 2nd quarter of 2026. Sales volume was up on 20,000+ square foot tenants. Cap rates continued to rise slightly. Sales prices dropped $30 per square foot to $261.73 per square foot as construction stayed fairly steady with just under 1.2M square feet of new retail underway. Absorption was positive with 47,000 net square feet being taken off the market. Retail rates stayed pretty steady at $36.83…
Q2 2026 Industrial Market Report
INDUSTRIAL MARKET OVERVIEW Puget Sound’s industrial market shows signs of continued slow recovery as we mark the first have of 2026. 12-month net absorption fell further to (2.01M SF) from (1.78M SF) in Q1, pushing vacancy up to 10.01% from 9.71%, reflecting slower expansion and ongoing delivery absorption rather than a demand break. Asking rents showed a slight increase to ~$1.24 PSF/month ($14.83 PSF annually), while cap rates edged up to 6.30% and sales pricing…
Q2 2026 Multifamily Market Report
MULTIFAMILY MARKET OVERVIEW The Puget Sound multifamily market continued its gradual stabilization during the second quarter as key fundamentals moved in a positive direction. Vacancy declined to 6.9% as renter demand continued to absorb available inventory, while rents posted modest growth, signaling improving pricing power for owners. At the same time, the development pipeline continues to moderate, supporting a healthier long-term supply-demand balance. Although capital markets remain disciplined and transaction activity is selective, improving occupancy,…
North Star Glove Company Expands to 65,879 SF at Tacoma’s Historic Willamette Building
TACOMA, WA (September 8, 2026) — Lee & Associates Commercial Real Estate Services announced today the completion of a lease amendment expanding North Star Glove Company’s footprint at the historic Willamette Building from 27,600 square feet to 65,879 square feet — more than doubling the company’s presence and marking the largest office lease signed in Pierce and Thurston Counties in over two years. The expansion, signed September 1, 2026, gives North Star Glove Company more…
Multifamily Investment Review Fall 2026
Over the past three years, Seattle’s multifamily market has undergone one of the fastest transitions in its history. The extraordinary apartment construction cycle that followed the pandemic, combined with the sharpest increase in interest rates in decades, fundamentally reshaped the investment landscape. Today, however, the market appears to have reached an important inflection point. The rapid correction has largely run its course, operating fundamentals have stabilized, and investors are increasingly adapting to a market defined…
Industrial Development Horizon Q2 2026
SEATTLE, WA (August 4, 2026) –Lee & Associates Pacific Northwest is pleased to announce the release of our Industrial Development Horizon Q2 2026 report, providing a comprehensive look at the industrial projects shaping the future of the Pacific Northwest. This edition examines developments currently under construction for delivery in 2026 and 2027, projects planned for 2027 through 2028, and longer-term opportunities that continue to define the region’s industrial pipeline. The market continues to experience a…
Lee & Associates Pacific Northwest Announces Major Expansion of Retail Division
July 20, 2026 (Seattle, WA) – Lee & Associates Pacific Northwest announced today that Angela Oliveri, a veteran retail real estate advisor with nearly three decades of experience representing landlords and tenants across the western United States, has joined the firm together with her team to grow the Retail Master Brokerage and Advisory Services platform. The team is led by Angela Oliveri, who joins Lee & Associates as a Principal and Director of the Retail…
Centerforce Establishes Tacoma Headquarters with Purchase of Historic Bone Dry Shoe Building
(Tacoma, Wa) July 15, 2026 — Centerforce has acquired the historic Bone Dry Shoe Building at 2111 Pacific Avenue in downtown Tacoma for $2,495,000, establishing a permanent headquarters for the growing nonprofit while preserving one of Tacoma’s most recognizable historic office buildings. Lee & Associates brokers John Bauder and Harrison Laird represented the seller in the transaction. Originally constructed in 1917 for the Bone Dry Shoe Manufacturing Company, the building has been a fixture of…
Lee & Associates executive managing director: ‘I always tell them to bet on Seattle’
BELLEVUE, WA (June 25, 2026) – Jim Bowles, who has spent nearly five decades riding the ups and downs of Seattle’s commercial real estate market, still believes in the inevitability of cycles. It’s why he remains optimistic for the office market’s post-pandemic recovery. Bowles most recently served as president of Lee & Associates Pacific Northwest, which he co-founded in 2017. This month, the company transferred leadership for the first time to Scott Hutchinson, a longtime Seattle-area developer…