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…
Q1 2025 Retail Market Report
With the election over, the Retail sector had vacancy rise slightly. As new tariffs take effect, it will be interesting to see how the retail sector deals with changes in taxes. Sale activity stayed strong with multiple grocery anchored shopping centers changing ownership. Net absorption stayed flat with companies strategizing for the changing market. MARKET INDICATORS Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 ↑ 12 Mo. Net Absorption (SF) (152,385) (829,551) (429,189)…
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…
Q2 2024 Retail Market Report
The Puget Sound retail market continues to struggle in downtown urban areas, while suburban markets flourish. With office sector vacancy rates remaining high and many people working from home full or part-time, daily retail mirrors its COVID-era trajectory. Vacancy rates hover around 3.5% market-wide but are significantly higher in downtown Seattle, ranging from 12-14%. MARKET INDICATORS Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 ↑ 12 Mo. Net Absorption (SF) (688,394) (668,493) (548,911)…
Tacoma Comedy Club Opens 2nd Location, Plans Relocation for Downtown Location
June 1, 2023 (Tacoma, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered two leases for the Tacoma Comedy Club. The Club will move and expand into new space at 936 Pacific Avenue in downtown Tacoma, plus will open a new, second location along Tacoma’s 6th Avenue. The locally owned entertainment provider opened their current Market Street location in 2010. In their new space at 936 Pacific Avenue, the venue…
Pierce County buys downtown Tacoma building as office market gains steam
March 24, 2022, Tacoma – Tacoma’s downtown office market appears to be gaining momentum and Pierce County is the latest entity to hop in. The county bought the former Davies Pearson law office building at 920 Fawcett Ave. and plans to move staff from the Prosecutor’s Office into the space by late summer or early fall. The county purchased the 21,000-square-foot building last week for $4.2 million, according to public records. The neighborhood is home…