At Lee & Associates | Pacific Northwest, we are thrilled to celebrate the exceptional accomplishments of Candice Chevaillier, who was honored as a finalist at the 2024 NAIOP Night of the Stars Gala. These prestigious awards recognize the dedication, expertise, and extraordinary contributions of professionals shaping the commercial real estate industry. Candice Chevaillier, CCIM Candice Chevaillier has earned a finalist spot in the Multifamily Broker of the Year category. Her deep knowledge of the…
Case Study – Ford Building
Retail OVERVIEW THE FORD BUILDING 1521-1523 10th Ave , Seattle, WA Retail Investment 33,391 SF Seller Representation Sale Price: $14,000,000 THE OUTCOME Listed: November 25, 2016 Competing Offers: 3 Offers Under Contract: February 17, 2017 Closed: April 28, 2017 THE CHALLENGE The Ford Building is a classic historic building with a large lower level/basement. The building had two major tenants, Elliott Bay Book Store, and Totokaelo clothing store, who both had space on the main…
Case Study – Ballard Ave Portfolio
Ballard Ave Portfolio | Mixed-Use Portfolio OVERVIEW 5323 – 5329 Ballard Avenue NW, Seattle, WA 5333 – 5335 Ballard Avenue NW, Seattle, WA 5304 – 5310 Ballard Avenue NW, Seattle, WA Mixed-use portfoilio in Ballard 60,784 total SF Seller Representation Sale Price: $21,050,000 The Outcome Listed: October 23, 2023 Competing Offers: 3 Offers Under Contract: June 17, 2024 Closed: November 13, 2024 The Challenge We represented the Seller of the Ballard Avenue Portfolio, which consisted…
Historic 1102 Broadway Achieves Full Occupancy as Tacoma Office Market Strengthens
TACOMA, WA (November 1, 2024) — Lee & Associates announced today that 1102 Broadway has reached 100% occupancy following seven new lease signings in the past six months, highlighting strong demand for premium office space in downtown Tacoma’s thriving market. The latest wave of leasing activity includes the highly anticipated relocation of the popular dining and happy hour spot, Wooden City, which will occupy prime street-level space. Additional new tenants include Fox Ballard PLLC, environmental…
DAEDONG-USA SIGNS LEASE FOR 149,340 SF WAREHOUSE IN TUMWATER
November 7, 2024 (Bellevue, WA) – Lee & Associates, the largest broker-owned commercial real estate firm in North America, is pleased to announce the successful lease of a 149,340-square-foot warehouse, along with three acres of secured auxiliary yard/parking, at Tumwater Corporate Center in Tumwater, WA. The tenant, Daedong-USA, Inc., a leading Korean tractor manufacturer, will use the facility to distribute products under its Kioti brand, imported through the Northwest Seaport Alliance’s North and South bays….
Q3 2024 Retail Market Report
The third quarter of 2024 was active for the retail market, driven by a slight dip in interest rates, spurring buyer interest. Vacancy rates saw a minor decrease from 3.4% to 3.3%, and the annual average NNN asking rate softened slightly to $29.34 per square foot. Amid pre-election uncertainty, investors emerged from the sidelines as rates reached their lowest since Q3 2023, reflecting renewed confidence in retail opportunities. MARKET INDICATORS Q3 2024 Q2 2024 Q1…
Q3 2024 Office Market Report
The Seattle office market continues to struggle, with net absorption reaching -2.7 million square feet in Q3 2024, a decline from Q2’s -2.5 million square feet. The vacancy rate increased to 15.7%, up from 15.1% in the previous quarter, indicating persistent challenges. The average asking rent decreased slightly to $36.82 per square foot annually, offering tenants softening rents and increased concessions. High availability and slow leasing momentum exert pressure on landlords, while trends like remote…
Q3 2024 Multifamily Market Report
Absorption is up 30% between Q2 and Q3 2024. Vacancy is holding steady, while up a touch from Q2, still lower than the previous three quarters. Asking rents are even with Q2, and up 4.2% from a year ago. The construction pipeline has fallen 19% with 17,628 units under construction, compared with just over 24K over the previous four quarters. New development starts are down 40% from this time last year, and off about 60%…
Q3 2024 Industrial Market Report
In Q3 2024, the Puget Sound industrial market saw a net absorption decline to -3.2 million square feet, down from -2.1 million square feet in the previous quarter, reflecting a continued softening in demand. The vacancy rate rose slightly to 7.8%, up from 7.4% in Q2, indicating increased space availability. Additionally, the average annual NNN asking rent decreased to $14.26 per square foot, down from $14.82. These trends suggest ongoing adjustments in the market as…
Case Study – Mercer Mega Block
Mission Accomplished: Mercer Mega Block | Land Development OVERVIEW 800 Mercer St, 615 Dexter Ave N, Seattle, WA Land Development Site | Downtown Seattle 124,395 SF / 2.86 AC Seller Representation Sale Price: $143,500,000* *The $143,500,000 sale price included a contribution of $5M to combat homelessness The Challenge Our team was chosen to assess the highest and best use by identifying development opportunities and constraints while providing a thorough site analysis for a 2.86-acre acquisition…