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 Retail Market Report
With the election over, the Retail sector had vacancy rise slightly. As new tariffs take effect, it will be interesting to see how the retail sector deals with changes in taxes. Sale activity stayed strong with multiple grocery anchored shopping centers changing ownership. Net absorption stayed flat with companies strategizing for the changing market. MARKET INDICATORS Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 ↑ 12 Mo. Net Absorption (SF) (152,385) (829,551) (429,189)…
72,000 SQFT Industrial Development Opportunity in Seattle Hits the Market
READ PRODUCTS INTERBAY, a two-building industrial property totaling 72,606 square feet of warehouse and office space, has been brought to market in Seattle’s Interbay district. The offering comprises 3615 15th Ave W and 3635 Thorndyke Ave W, which collectively span 3.06 acres. The property is being offered by Lee & Associates on behalf of the long-time owner. The broker has announced that Read Products Interbay presents an opportunity for owner-users, value-add investors, or developers to…
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…
Seattle Multifamily Investment Sale Case Study: 5121 17th Ave NW | 21-Units
Key Deal Points 5121 17th Ave NW, Seattle 14 tours, 40 signed CA 41-Unit with Views of Salmon Bay & Olympic Mountains Sale Price $4.85M Current Cap Rate 4.93% Represented Seller & Buyer “Working with Dea, Candice, and the Lee Multifamily Team on the sale of Sunset House was a seamless and enjoyable experience. Their clear communication kept us informed at every step, and their positive, collaborative approach made the process effortless. They were…
Two-Parcel Hillside Off Main Development Opportunity in Downtown Bellevue Hits the Market
BELLEVUE—Hillside Off Main, a two-parcel multifamily development opportunity in the heart of Downtown Bellevue, is now on the market. Located at 119 107th Ave SE, the combined site spans 23,100 square feet and is zoned R-30, offering a chance to invest in one of the region’s most land-constrained urban cores. The property includes an eight-unit apartment building originally constructed in 1954, totaling 6,036 gross square feet (5,276 net square feet). Lee & Associates, which is…
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…
Seattle Multifamily Investment Poised for Growth Amid Market Adjustments
SEATTLE—The Seattle multifamily housing market is navigating a period of transition, with key indicators pointing toward evolving investment strategies and steady demand shifts. According to the Lee & Associates Multifamily Investment Review, median rents across the Seattle-Tacoma-Bellevue Metropolitan Statistical Area (MSA) grew by 1.8 percent year-over-year in 2024, outpacing the national average increase of one percent. This growth, despite macroeconomic challenges, underscores the region’s persistent housing demand. Market fluctuations have impacted pricing trends across different…
Seattle Office Development Land Sale Case Study: 35 Stone
Office Land OVERVIEW 35 STONE | 3524 Stone Way 3524 Stone Way North, Seattle, WA Land / Office Development 34,163 SF / 0.78 AC Seller Representation Sale Price: $17,500,000 “While we have sold many assets, we have never had a team drive pricing as much as the Lee Team did on this process.” – Jim Rivard Managing Partner, SRM THE CHALLENGE Ownership was contemplating selling or completing a Joint Venture for their permitted Living Green…
$10.6M Seattle Value-Add Office Sale Case Study: 4th & Union
OVERVIEW 4th & Union | 1404 4th Avenue 1404 4th Ave, Seattle, WA 21,713 SF Value-Add Office 6,105 SF / 0.14 AC Seller Representation Sale Price: $10,600,000 THE OUTCOME Listed: November 22, 2019 Competing Offers: 4 Offers Under Contract: January 4, 2022 Closed: July 15, 2022 (place image here) THE CHALLENGE Fourth & Union is a 21,713-square-foot historically landmarked building that features three floors of office space atop ground-level retail. The building had not been…