vanessa herzog

SEATTLE, WA (October 30, 2025) – Lee & Associates is pleased to announce the release of our Industrial Development Horizon Q3 2025 report, offering a detailed look at the projects shaping the industrial landscape across the Pacific Northwest. This edition highlights active construction, planned developments through 2027, and long-term opportunities that will influence the region’s next phase of growth. After several years of record-setting construction, 2025 marks a turning point. New deliveries are tapering while demand for…

      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…

      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…

SOUTH SOUND—The South Sound industrial real estate market is entering a period of transition, shaped by evolving economic conditions, shifting tenant preferences, and the return of trade policies that could have far-reaching consequences. Certain sectors—particularly manufacturing related to energy projects—are beginning to see renewed activity although vacancies are increasing, according to an analysis by Lee & Associates market analysis provided by Vanessa Herzog and Justin Froelich. Overall, the South Sound market is displaying subtle but…

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…

Industrial markets in the Pacific NW are adjusting but remaining steady. Vacancy rates are around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but is picking up in the second. New construction is active, but the project pipeline is diminishing due to high land price expectations, stabilized rental rates, and continued high construction costs. This trend is expected to continue  into 2025, frustrating…

PACIFIC NORTHWEST INDUSTRIAL MARKET Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hover­ing around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted proj­ects, but the regional project pipeline is diminishing, not due to demand, but due to…

May 1, 2024 – Tacoma, WA – Electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) leased a 54,000-square-foot industrial building at 1323 34th Ave. E. in Fife last week. The move was announced by Vanessa Herzog of Lee & Associates, who helped broker the deal on behalf of the building’s owner, industrial real estate investor Berkeley Partners. It is not clear how Rivian will use the space, though the company’s website shows a service center is coming…

After a fairly rough end to 2023 Q1 continues to present problems for the general market recovery that was anticipated to begin in 2024. We have continued to see the contraction of companies that grew during Covid as well as deliveries of new construction. Combined, the overall vacancy rates climbed nearly 3% year over year. There is a silver lining in that we continue to see rents increase overall with some increased concessions, but general…

The commercial real estate sector of Puget Sound has demonstrated noteworthy dynamics across its Industrial, Multifamily, and Capital Markets during the initial half of 2023.   Industrial Sector: Confronting Inventory Scarcity Amid Investor Appetite The Industrial market is active with investors and users alike, but inventory is scarce for land and buildings. Interest rate hikes strongly impacted the volume of investment, leaving Sellers wondering how far price adjustments will go before the market stabilizes.   Investments…