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,…
Lee & Associates Pacific Northwest Promotes John Brussa to Principal
March 4, 2026 (Bellevue, WA) – Lee & Associates | Pacific Northwest is proud to announce the promotion of John Brussa to Principal. Since joining the firm in 2019, John has been instrumental in the continued expansion of the company’s industrial and office platform across King and Pierce Counties. With this promotion, he becomes the youngest Principal Lee & Associates | Pacific Northwest history. Specializing in the leasing and sale of industrial and flex properties,…
Century-old Uptown apartment building listed for sale
SEATTLE, WA (March 4, 2026) – A nearly century-old apartment building in Seattle’s Uptown neighborhood is on the market. Lee & Associates is shopping the Ella Robert at 16 Valley St. for just under $7 million. The four-story, 23-unit building was constructed in 1928 and sits on the south slope of Queen Anne Hill. It has 14 parking stalls. The asking price works out to $304,130 per unit. A marketing flyer notes the Ella’s proximity to Climate…
Lee & Associates Pacific Northwest Brings Queen Anne Apartments to Market
SEATTLE, WA (February 26, 2026) – Lee & Associates announced the listing of the Ella Robert Apartments, a 23-unit vintage apartment community located at 16 Valley Street on Queen Anne Hill in Seattle, Washington. Originally constructed in 1928, the 15,627-square-foot property sits on an 11,067-square-foot site and features views of the Seattle skyline, Space Needle, Mount Rainier, and Elliott Bay. The property is exclusively marketed by Lee & Associates’ Northwest Multifamily Team of Candice Chevaillier, Daniel…
Report: Seattle Multifamily Market Shows Renewed Stability
SEATTLE, WA (February 25, 2026) –Seattle’s multifamily market is showing renewed stability after navigating several years of correction and hesitation, according to a recent report by Lee & Associates. It also notes that some of “yesterday’s armories have been successfully converted into school buildings, apartments, libraries, museums, and community centers around the country.” New multifamily development in Pierce County has slowed materially, driven by elevated construction costs, moderating rent growth, and tighter capital markets. The resulting…
Multifamily Investment Review Spring 2026
As we move further into 2026, Seattle’s multifamily market is showing renewed stability after navigating several years of correction and hesitation. While the pace of recovery remains measured, key fundamentals including lack of supply, stabilizing vacancy, and rebounding investor activity are laying the groundwork for a more confident 2026 and beyond. Vacancy Turning Point & Rent Growth Return Local governments and private stakeholders are accelerating housing investment. Microsoft’s Brad Smith urged the Washington State Legislature…