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Absorption moderated in the fourth quarter, with trailing 12-month net absorption totaling 9,588 units, reflecting both market seasonality and decelerating deliveries. Vacancy ticked up modestly to 7.4%, though remains within a stable historical range. Asking rents remained relatively flat for the year at $2,064 per unit. Sales pricing has remained durable, with average price per unit ending the year at approximately $356,000, while cap rates compressed to roughly 5.0%. Despite some near-term softness in fundamentals,…

Puget Sound’s fourth quarter industrial market reflected a cautious equilibrium. Rental rate growth remained largely flat as demand focused on existing occupancies rather than expansion. Approximately 80% of executed deal volume consisted of renewals, driven by landlords aggressively pursuing early extensions to proactively manage rising vacancy. Tenants continued to leverage elevated availability and intense competition to secure meaningful concessions, including eight to twelve months of base rent abatement on 60-month renewals, often structured within the…

Quarter 4 pushed more of the same narrative from the prior year. Cap rates rose slightly to average about 6.3%. On a dollar per square foot basis, prices dropped slightly for the 2nd quarter in a row. Vacancy continued to rise slightly for the 5th quarter in a row but still stayed under the national average of 4.28%. New retail construction was slow but steady. We are excited to see what 2026 brings and hope…

January 23, 2026 (Bellevue, WA) – Lee & Associates | Pacific Northwest is proud to announce the promotion of Scott Hill to Associate Vice President. Since joining the firm in 2024 as an Associate, Scott has played a key role in the continued growth of Lee & Associates’ industrial services. Specializing in the leasing and sale of industrial and flex properties throughout the Puget Sound region, he is known for delivering consistent value through deep…

  Key Deal Points Address: 219 Belmont Ave E, Seattle Units: 11 Sale Price: $2,550,000 Brought multiple offers in the face of a changing regulatory environment Challenge Our client owned a charming, turn-of-the-century apartment building in Capitol Hill and had recently assumed full management responsibilities from their partner. While the property had been well cared for over time, the day-to-day operational demands combined with deferred maintenance and an increasingly complex regulatory environment quickly became overwhelming….

Lee & Associates Pacific Northwest is pleased to announce the promotion of Sara Bago to Associate Vice President. Formerly an Associate with the firm, Sara has played a key role in the continued growth of Lee & Associates’ Multifamily group since joining the company in 2024. Sara specializes in advisory services and the sale of multifamily properties throughout the Puget Sound. She has earned a strong reputation for delivering consistent value to clients through deep…

BELLEVUE, WA – Lee & Associates Pacific Northwest Principal Troy Gessel is featured in a recent LoopNet testimonial video highlighting how he uses the platform to support marketing efforts for commercial real estate listings. The video offers a behind-the-scenes look at how experienced brokers leverage digital exposure, data, and targeted advertising as part of a broader marketing strategy. Filmed in part at the Lee & Associates | Pacific Northwest office in Bellevue, the testimonial also…

      SOLD SOLD SOLD Former Grocery Outlet The Lanning Silver Pond Medical Center 32945 Pacific Highway S, Federal Way, WA 219 Belmont Ave E, Seattle, WA 10101 19th Ave SE, Everett, WA Value: $3,587,500 Value: $2,550,000 Value: $2,000,000 Size: 18,970 SF Units: 11 Size: 5,815 SF Broker: Yeh-Hee Hahn Brokers: Daniel Lim, Candice Chevaillier, Dea Sumantri, Sara Bago Brokers: Scotty Rowe, Stuart Williams, Alex Muir, McCallum Mead           LEASED LEASED  Willows Commerce…

TACOMA, WA (January 6, 2026) – Asian grocer Uwajimaya is planning a new store in Tacoma, marking a significant expansion for the regional specialty grocery chain. The proposed store will occupy a former Hobby Lobby space near Target at Tacoma Central, located at 3130 S. 23rd St. The 61,484-square-foot retail space has sat vacant since Hobby Lobby closed the location in June 2024. Plans filed with the city call for an $8 million tenant improvement project for the Uwajimaya build-out,…

      SOLD SOLD SOLD 760 Aloha Primrose Schools North Meridian 19510 58th Ave W 760 Aloha St, Seattle, WA 4818 North Elsinore Avenue, Meridian, ID Lynnwood, WA Value: $7,750,000 Value: $6,500,000 Value: $2,600,000 Size: 41,191 SF Size: 13,684 SF Size: 32,670 SF Brokers: Stuart Williams, Alex Muir, Scotty Rowe, McCallum Mead Broker: Stren Lea Brokers: Scotty Rowe, Stuart Williams, Alex Muir, McCallum Mead             LEASED LEASED LEASED  11808 Northup Way 14205…