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Lee & Associates has attached a $14 million asking price to Read Products Interbay, the two-building, 72,606-square-foot industrial holding where 15th Avenue West meets West Nickerson Street, valuing the 3.06-acre Seattle site at roughly $193 per building square foot and about $35 per square foot of the nearly 400,000 square feet its zoning allows Read full article on the The Registry ABOUT LEE & ASSOCIATES Lee & Associates offers an array of real estate services…

RETAIL MARKET OVERVIEW Retail vacancy continued to rise year over year for the 4th straight year and 5 straight quarter. Cap rates have risen as well for the 4th straight quarter. Interest rates continue to affect cap rates as they rise on a parallel path. There is also a significant drop retail under construction which has fallen more than 50%. Wages and costs of doing business continue to rise affecting small businesses in a negative…

OFFICE MARKET OVERVIEW Vacancy dropped slightly quarter-over-quarter, with 2026 on pace to be the best year for net absorption since 2021. The wave of Bay Area tech companies growing in the region continued. Databricks’ lease of more than 142,000 square feet in Four106, a new development in the Bellevue CBD, was the largest of the quarter. Its presence has surpassed 270,000 square feet in Puget Sound, with the company establishing large offices in both Seattle…

MULTIFAMILY MARKET OVERVIEW Absorption was up 11% in the third quarter over the 2nd quarter this year, but still down from the first quarter and second two quarters of last year. Vacancy is 6.57%, decreasing almost 4% since last quarter. Rents are virtually the same, but the price paid for those units is up nearly 21%, likely due to preponderance of larger, newer properties selling. The average Cap Rate showed slight compression down to 5.35%…

INDUSTRIAL MARKET OVERVIEW Puget Sound’s industrial market showed signs of improved demand in Q3, though vacancy continued to edge higher. Twelve-month net absorption improved to (1.67M SF) from (2.78M SF) in Q2, while vacancy rose to 10.35% from 10.30%, reflecting continued availability across the market. Average NNN asking rents increased to $15.06 PSF annually, and sales pricing rebounded to $221.76 PSF from $198.96. Cap rates compressed to 5.36% from 6.65%, while construction slowed to 1.35M…

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…

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…

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…

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,…

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…