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…
Q1 2026 Pacific Northwest Office Market Report
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 Pacific Northwest Multifamily Market Report
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…
Q1 2026 Pacific Northwest Industrial Market Report
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…
Q1 2026 Pacific Northwest Retail Market Report
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…
Q1 2026 Expanded Puget Sound Industrial Market Report
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…
Lee & Associates Pacific Northwest Welcomes Cole Soreano as Associate Vice President
April 21, 2026 (Bellevue, WA) – Lee & Associates Commercial Real Estate Services is pleased to announce the addition of Cole Soreano as an Associate Vice President in the firm’s brokerage division. Soreano brings a strong transactional foundation and a collaborative, client-focused approach that aligns with Lee & Associates’ entrepreneurial culture. At Lee & Associates, Soreano will focus on industrial and office leasing and sales throughout the Puget Sound region. He will be working alongside a team of experienced brokers, supporting…
Seattle Office Investment Sale Case Study: Gibraltar Tower
Mission Accomplished: Gibraltar Tower | Value-Add / Owner-User Investment OVERVIEW 1518 Third Ave, Seattle, WA Office / Retail Building 41,705 SF / 6,970 SF / 0.16 AC Seller Representation Sale Price $2,750,000 “Lee & Associates’ diligent and proactive approach ensured broad exposure and competitive bidding, resulting in a highly satisfactory outcome.” – Erin Short Vice President, J.P. Morgan The Challenge Gibraltar Tower entered the market as an 85% vacant Class B office building on…
March 2026 Seattle & Puget Sound Commercial Real Estate Transactions
SOLD SOLD SOLD 3631 Interlake Building Wallingford Family Dentistry 139 Bendigo Ave N 3631 Interlake Ave N, Seattle, WA 1628 N 45th Street, Seattle, WA North Bend, WA Value: $2,600,000 Value: $875,000 Value: $1,025,000 Size: 8,474 SF Size: 1,560 SF Size: 1,836 SF Brokers: Amanda Hahnemann, Zane Shiras Broker: Stren Lea Broker: Amanda Hahnemann LEASED LEASED LEASED 2101 Jefferson Ave Lilly Road Medical Building Durango Warehouse Tacoma, WA 615…
New kid-friendly coworking company inks lease at Tacoma’s Old City Hall
TACOMA, WA (April 6, 2026) – A coworking concept that pairs flexible office space with on-site child care is set to become one of the first tenants at Tacoma’s newly redeveloped Old City Hall. SheWorks, a workspace and child care community designed for working parents, has signed a lease for more than 5,600 square feet on the fourth floor of the 133-year-old landmark at 625 Commerce St. The company plans to open the location, its first,…