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,…
Amazon’s Project Kuiper expands Redmond footprint
The building is about 21,600 square feet, 16,500 of which is office and flex space and 5,130 is warehouse space, according to a building brochure. Listed as available starting in October, the office has a 24-foot clear height and grade-level parking. The lease will grow Amazon’s footprint in Redmond, a burgeoning space district that’s also home to operations by SpaceX and Microsoft’s Azure Orbital. “(The building) is everything, like any engineer’s dream. They have a space that’s so versatile,” Lisa…
21-Unit Mixed-Use Apartment Asset in Seattle’s Green Lake Hits the Market for $11.99MM
A boutique mixed-use multifamily asset at 1400 N 80th St. in Seattle’s Green Lake neighborhood has hit the market with an asking price of $11.99 million, or approximately $500,000 per unit. The 21-unit property, named Greenlake Pointe, totals 20,672 square feet and includes three fully leased ground-floor retail suites and 31 dedicated parking stalls. The listing is being marketed by Lee & Associates on behalf of the original developer-owner. According to King County public records,…
Vibe Redmond Office Complex Sells for $45M
Vibe Redmond is located at 5000, 5010 and 5020 148th Ave. NE in Redmond, next to Nintendo of America and near Microsoft. The office complex, known as Redmond Woods, was developed in 1982 and sits on 7.7 acres, totaling 146,165 square feet. Medina Academy will use Building A for a middle school and high school. MAPS will convert Building C into a mosque and spiritual center once the property is vacated. MAPS also plans to make Building…
Infamous downtown Tacoma property hit with ‘notice of abandonment’ designation
It’s a prime piece of property in the heart of downtown Tacoma, near McMenamins Elks Temple and Old City Hall. Plans for demolition of what’s known as Graffiti Garages, 725 Broadway, and redevelopment into new apartments date back to 2014. Its 3-year development qualification for an 8-year multifamily property tax exemption (MFTE) expires in December. “Savvy investors cautiously love distressed properties,” said Harrison Laird, a principal with Lee & Associates commercial real estate services. Laird…
Q1 2025 Office Market Report
Seattle’s office market showed signs of cautious momentum in Q1 2025, with increased leasing led by WeWork’s 133,059 SF renewal in Bellevue and a wave of mid-sized deals across South Lake Union and the Eastside. Downtown Seattle vacancy approached 28%, but demand for high-quality space remains steady. Submarkets like Kirkland and Lake Union continue to outperform the broader region. Investment activity remains slow, with limited trades and ongoing pricing uncertainty. However, return-to-office momentum is growing…
Q1 2025 Multifamily Market Report
Absorption rose slightly over last quarter with 12,282 units absorbed. Vacancy ticked up one basis point to 7.3%, through this metric is expected to fall with new supply falling 4.5% to just 14,761 under construction, the lowest supply in over 10 years. Rents are starting to increase slightly. Sales volume started rebounding towards the end of last year in lockstep with interest rates beginning to trend downwards. Sales volume and price appreciation is expected to…