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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…

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…

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…

(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…

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…

June 11, 2026 (Bellevue, WA) – Lee & Associates Pacific Northwest announced today the appointment of Scott Hutchinson as president, effective June 8, 2026. Hutchinson joins Lee & Associates from Glacier Development Company (GDP) and Schuchart Hutchinson, where he serves as president. Hutchinson succeeds Jim Bowles, co-founder of Lee & Associates Pacific Northwest, who has served as company president since the firm’s Seattle launch in 2017. Bowles will transition to the role of co-founder and…

Leasing activity in Seattle is slowly increasing, as vacancy continued its gradual decline from the Q3 2025 peak. Several technology tenants signed large leases this quarter, including OpenAI, Uber and Meta. General Motors leased two floors, formerly occupied by Amazon, for a new software engineering hub. With minimal near-term deliveries on the horizon and residential conversions becoming more prevalent, the vacancy rate will continue improving. Sales activity continues to be driven by owner users, private…

Q1 2026 saw our lowest rate of absorption in years, with only 8,557 units absorbed. Vacancy is still lingering at 7.2%. Asking rents have been relatively flat, though up slightly over last quarter, to $2,085. With very little development on the immediate horizon, rents are expected to increase due to a lack of supply. Transaction volume is back and pricing is attractive with lower-than-average price per unit and price per square foot metrics, on par…

Puget Sound’s industrial market opened 2026 in continued recalibration as it digests prior supply. 12-month net absorption fell to (1.69M SF) from (910K SF) in Q4, pushing vacancy up to 9.71% from 9.3%, reflecting slower expansion and ongoing delivery absorption rather than a demand break. Asking rents equate to ~$1.23 PSF/month ($14.72 PSF annually), while cap rates edged up to 5.85% and sales pricing softened to $243.90 PSF amid continued repricing. Tenants retain meaningful leverage…

Washington state retail continued to struggle in the first quarter. Cap rates rose for the 2nd quarter in a row and for the fifth time in the last six quarters. Construction of new retail increased which provided a bright spot. Lease rates continue to drop as new construction has slowed in general and Landlords have started to give in a little. Vacancy rates continues to sit flat just above 4%. In the Pierce/King market, activity…