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The Puget Sound office market posted its strongest quarter of leasing activity since 2019, signaling renewed confidence among tenants even as vacancy held at 17.2%. Average asking rents rose to $40.33/SF Full Service, while sales averaged $425/SF with cap rates up to 7.2%. Notably, the sale of 15550 NE Turing Street was the largest stabilized office trade of the year, and the recent $77/SF sale of 2601 Elliott Avenue could become the largest office-to-residential conversion…

Absorption has been fairly steady for the last three quarters, with 12,370 units absorbed in the third quarter. Vacancy is steady at 7% over the last two quarters. Asking rents have been relatively fl at for the last four quarters, but with diminishing supply, expected to begin to tick up in Q1 2026. Sales volume is up 30% quarter over quarter, coming in at $1,768,326,429 in the third quarter, which is up 81% over this…

The Pacific Northwest industrial market continued to face headwinds in Q3 2025, with vacancy climbing to 8.79% as sluggish tenant demand and a wave of second-generation space returned to the market. Net absorption remained negative, though at a slower pace than Q2, suggesting some stabilization. Average annual NNN rents held firm at $15.50/SF, as newer Class A assets kept pricing buoyant despite softer demand in older product. Investment sales volume increased, with pricing drifting lower…

Retail in Washington stayed fairly stagnant for Q3. Vacancy rates continued to rise. Mortgage rates dropped momentarily and then increased as a surprise to most of us and cap rates hovered right above 6%. Sales activity was slow as rumors of rate drops have been pushed out months or potentially longer. Brokers are optimistic about a strong finish to 2025 and a super active 2026. As rates drop, we feel that interest in buying will…

  Key Deal Points Address: 1400 N 80th St, Seattle Units: 21 Residential + 3 Retail Sale Price: $10,000,000 Timeline: Closed One Day before sellers 1031 acquisition Unique Feature: Newer construction property at an enviable location Client Quote “The Lee & Associates Multifamily Team was truly top-notch. Their communication and advice throughout the process was exceptional, keeping every detail on track from start to finish. I would highly recommend them to anyone looking to buy…

The Pacific Northwest industrial market continued to face headwinds in Q3 2025, with vacancy climbing to 8.79% as sluggish tenant demand and a wave of second generation space returned to the market. Net absorption remained negative, though at a slower pace than Q2, suggesting some stabilization. Average annual NNN rents held firm at $15.50/SF, as newer Class A assets kept pricing buoyant despite softer demand in older product. Investment sales volume increased, with pricing drifting…

      SOLD SOLD SOLD Commodore Works 1498 Pacific Ave 2205 N Commercial Ave 2600 W Commodore Way, Seattle, WA Tacoma, WA Pasco, WA Value: $9,800,000 Value: $15,750,000 Value: $1,800,000 Size: 58,281 SF Size: 55,000 SF Size: 12,200 SF Brokers: Sean Durkin, Zane Shiras Broker: Harrison Laird Brokers: Justin Froelich, Vanessa Herzog             LEASED LEASED LEASED 8551 Commerce Pl Dr NE 18503 Firlands Way N Pacific Professional Center Lacey, WA Shoreline, WA…

September 25, 2025 (Bellevue, WA) – Lee & Associates | Pacific Northwest is proud to announce the promotion of Andrew Hull to Principal. Formerly a Senior Vice President with the firm, Andrew has played a pivotal role in the continued growth of Lee & Associates’ industrial services group since joining the company in 2018. With a strong background in tenant and landlord representation, Andrew specializes in the leasing and sales of industrial and flex properties…

Mission Accomplished: Barnes Building | Value-Add Investment OVERVIEW 2320 1st Ave, Seattle, WA Value-Add Investment 16,508 SF Seller Representation Sale Price: $3,200,000 The Challenge Our team represented the seller of the Barnes Building, a historically landmarked mixed-use building in Seattle’s Belltown neighborhood, which had not been on the market for more than 50 years. It features four levels of above-grade commercial and residential space, as well as a lower-level bar. The building was approximately 57%…

Mission Accomplished: PayMaster Building | Owner-User Sale OVERVIEW 2116 NW Vernon Place, Seattle, WA Owner-User Opportunity 3,769 SF Seller & Buyer Representation Sale Price: $2,750,000     “Lee & Associates was exhaustive in their search for the ideal buyer and worked diligently to get the deal closed quickly once all parties were aligned on the terms””  – Brian Regan, Paymaster, LLC     THE CHALLENGE Seller / Buyer Representation. Our team represented ownership in the…