SEATAC, WA (July 23, 2025) —Flying Food Group has leased 95,700 square feet at an industrial building in SeaTac. The space is located in Bridge Industrial’s 169,600-square-foot Bridge Point SeaTac 300 building, which was completed in 2024. Flying Food is the building’s first tenant. The Chicago-based airline catering company’s lease at 1410 S. 200th St. will expand its footprint, according to a spokesperson for Lee & Associates. Flying Food currently leases a building within Sea-Tac…
Q2 2025 Office Market Report
Puget Sound office vacancy continued to climb, and asking rents ticked lower through the 2nd quarter. Technology companies dominated the largest transactions of the quarter, though budget cuts and layoffs in the public, private, and non-profit sectors put downward pressure on the office space demand in the region. Uncertainty; downward pressure on office space needs; high costs of construction; and stagnant, elevated interest rates contributed to less construction starts and cautious strategies among tenants and…
Q2 2025 Multifamily Market Report
From Q1 to Q2 2025, multifamily fundamentals strengthened as net absorption rose from 12,282 to 12,720 units for the first time outpacing net deliveries. Private equity & institutional buyers emerged as the most active investor class, capitalizing on tightening fundamentals. With limited new construction in the pipeline, many investors are focused on establishing strong basis positions in anticipation of sustained demand. The market’s trajectory suggests ongoing absorption will continue to outpace new deliveries, creating favorable…
Q2 2025 Industrial Market Report
The Pacific Northwest industrial market saw renewed volatility in Q2, with net absorption turning negative at -1.38 million SF and vacancy rising to 8.6%-a one-year high. Despite weaker tenant demand, average annual NNN rents increased to $14.47/SF, reflecting landlord confidence or pricing discipline for newer assets. Sale prices declined to $224.45/SF from $233.00 in Q1, indicating recalibrated investor expectations. While macroeconomic uncertainty and rising vacancies persist, long-term industrial fundamentals remain strong. Overlaying this is a…
Q2 2025 Retail Market Report
Activity was slow in Q2. Vacancy rose and activity slowed with the tariffs kicking in. A “wait and see” approach was what we observed. Cap rates rose as well. With the talk of tariffs slowing and becoming slightly more stable, we are seeing a spur of activity stepping into Q3. With the increasing talk of interest rates coming down, we expect a strong finish to the year. MARKET INDICATORS Q2 2025 Q1 2025 Q4 2024…
Iconic Greenwood Car Wash Property in Seattle Sold for $1.5 Million
July 7, 2025 (Seattle, WA) – Lee & Associates is pleased to announce the successful sale of a 0.39-acre (16,741 SF) dual-zoned development site located at 655 NW 85th in Seattle, WA, on behalf of the seller for $1,500,000. Operating as a self-service car wash since the late 1960s, this property has remained under the same family ownership for decades, becoming a recognizable and well-loved fixture in the community. The transaction drew strong interest from…
Q2 2025 Expanded Puget Sound Industrial Market Report
The Pacific Northwest industrial market has exhibited some renewed volatility in Q2, following the strong rebound in Q1 of this year. Net absorption swung negatively to approximately -1,455,070 square feet, reversing the prior quarter’s gains and pushing the vacancy rate to 8.60%, the highest point in over a year. Despite weaker tenant demand, average annual NNN asking rents increased to $14.47 per square foot, suggesting that landlords remain confident in long-term fundamentals or are holding…
ConnectCRE’s 2025 NextGen Awards
Lee & Associates | Pacific Northwest Congratulates Chris Larsen on NextGen Award Recognition We are happy to announce that Chris Larsen, Associate Vice President at Lee & Associates | Pacific Northwest, has been honored with ConnectCRE’s 2025 NextGen Award for the Seattle & Northwest region. This recognition celebrates emerging professionals in commercial real estate who are making a meaningful impact on the industry and the communities they serve. Chris has distinguished himself as a thoughtful,…
Downtown Tacoma Sees Rare Office Sale Amid Cautious Market
TACOMA, WA (July 7, 2025) —A downtown Tacoma office building has sold in the first office transaction of more than $2 million in the city this year, Pierce County records show. The 28,460-square-foot building at 1142 Broadway traded in an off-market transaction in mid-June for $2.7 million, 30% below its assessed value of $3.9 million. Lee & Associates brokers Harrison Laird and John Bauder represented the buyer. The three-story, 1916 building “is an investment property…
Lee & Associates – Pacific Northwest June 2025 – Recent Deals
SOLD SOLD SOLD 1142 Broadway Orion Industries Building 655 NW 85th Street Tacoma, WA 13008 Beverly Park Road, Mukilteo, WA Seattle, WA Value: $2,700,000 Value: $5,650,000 Value: $1,500,000 Size: 30,000 SF Size: 25,100 SF Size: 16,741 SF Brokers: Harrison Laird, John Bauder Brokers: John Brussa, Chris Peterson Broker: Jeff Tillman LEASED LEASED LEASED Columbia Summit Center Northlake Plaza 5624-6010 Airport Way S 731 N Columbia Center Blvd, Kennewick, WA 936 N 34th St,…