Retail in Washington stayed fairly stagnant for Q3. Vacancy rates continued to rise. Mortgage rates dropped momentarily and then increased as a surprise to most of us and cap rates hovered right above 6%. Sales activity was slow as rumors of rate drops have been pushed out months or potentially longer. Brokers are optimistic about a strong finish to 2025 and a super active 2026. As rates drop, we feel that interest in buying will…
Lee & Associates – Pacific Northwest September 2025 – Recent Deals
SOLD SOLD SOLD Commodore Works 1498 Pacific Ave 2205 N Commercial Ave 2600 W Commodore Way, Seattle, WA Tacoma, WA Pasco, WA Value: $9,800,000 Value: $15,750,000 Value: $1,800,000 Size: 58,281 SF Size: 55,000 SF Size: 12,200 SF Brokers: Sean Durkin, Zane Shiras Broker: Harrison Laird Brokers: Justin Froelich, Vanessa Herzog LEASED LEASED LEASED 8551 Commerce Pl Dr NE 18503 Firlands Way N Pacific Professional Center Lacey, WA Shoreline, WA…
Lee & Associates – Pacific Northwest August 2025 – Recent Deals
SOLD SOLD SOLD Dover Apartments Equinox Apartments 1102 Commerce Street 901 6th Street, Seattle, WA 711 N 35th Street, Seattle, WA Tacoma, WA Value: $9,650,000 Value: $8,900,000 Value: $3,250,000 Units: 59 Units: 23 Apartments & 5 Commercial Spaces Size: 24,131 Rentable SF Brokers: Daniel Lim, Candice Chevaillier, Dea Sumantri, Sara Bago Brokers: Candice Chevaillier, Daniel Lim, Dea Sumantri, Sara Bago Brokers: Tom Brown, Kyle Prosser LEASED LEASED LEASED 2660…
Downtown Tacoma Office Building Sells to Owner-User
TACOMA, WA (August 11, 2025) —Lee & Associates, is pleased to have brokered the disposition of 1102 Commerce Street located in Tacoma, WA, on behalf of their client Howe/Horizon Holding LLC. The 24,131 SF building, situated in the heart of downtown Tacoma, sold for $3,250,000, or $134.68 per square foot. The buyer, Washington Trust Bank intends to occupy a portion of the property and lease the balance, bringing new activity and tenancy to the downtown…
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…
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…