Insights
Washington
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Apartment
The average Vacancy Rate was 6.3% in the Portland metro
- No vacancy change since Q1 2024 in the Portland metro.
- Vacancy is expected to finish 2024 at 6.4% in the Portland metro.
Distribution / Warehousing
The average Vacancy Rate was 4.8% in the Portland metro
- Vacancy in the Portland metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2024 at 4.7% in the Portland metro.
Flex / R&D
The average Vacancy Rate was 4.2% in the Portland metro
- The Portland metro had the sixth lowest vacancy in the nation and the third lowest in the West.
- No vacancy change since Q3 2021 in the Portland metro.
- The Portland metro had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 17.0% in the Portland metro
- Vacancy in the Portland metro increased by 70 basis points.
- The Portland metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 17.0% in the Portland metro.
Retail
The average Vacancy Rate was 5.9% in the Portland metro
- The Portland metro had the second lowest vacancy in the nation, behind only Portland.
- No vacancy change since Q1 2024 in the Portland metro.
- Vacancy is expected to finish 2024 at 6.4% in the Portland metro.
RENT
Apartment
The average Asking Rent was $1,631 in the Portland metro
- Rent in the Portland metro was up 0.7% from Q1 2024.
- Rent is expected to finish 2024 at $1,645 in the Portland metro.
Distribution / Warehousing
The average Asking Rent was $8.28 in the Portland metro
- Rent in the Portland metro was up 0.4% from Q1 2024.
- Rent has risen in every quarter since Q3 2020 in the Portland metro.
- Rent is expected to finish 2024 at $8.43 in the Portland metro.
Flex / R&D
The average Asking Rent was $10.65 in the Portland metro
- The Portland metro had the second fastest rent growth in the nation, behind only Seattle.
- Portland metro had its fastest rent rate of increase since Q2 2011.
- Rent is expected to finish 2022 at $11.07 in the Portland metro.
Office
The average Asking Rent was $27.45 in the Portland metro
- Rent in the Portland metro was up 0.4% from Q1 2024.
- Rent is expected to finish 2024 at $27.59 in the Portland metro.
Retail
The average Asking Rent was $22.70 in the Portland metro
- The Portland metro remained flat rent since Q1 2024.
- Rent is expected to finish 2024 at $22.82 in the Portland metro.
VACANCY
Apartment
The average Vacancy Rate was 6.3% in the Seattle metro
- Vacancy in the Seattle metro drifted downward by 10 basis points.
- The Seattle metro had the lowest vacancy level since Q1 2021.
- Vacancy is expected to finish 2024 at 6.8% in the Seattle metro.
Distribution / Warehousing
The average Vacancy Rate was 3.7% in the Seattle metro
- No vacancy change since Q1 2024 in the Seattle metro.
- The Seattle metro had the highest vacancy level since Q2 2022.
- Vacancy is expected to finish 2024 at 3.7% in the Seattle metro.
Flex / R&D
The average Vacancy Rate was 5.6% in the Seattle metro
- Vacancy in the Seattle metro drifted downward by 20 basis points.
- The Seattle metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 5.3% in the Seattle metro.
Office
The average Vacancy Rate was 16.5% in the Seattle metro
- No vacancy change since Q1 2024 in the Seattle metro.
- The Seattle metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 17.7% in the Seattle metro.
Retail
The average Vacancy Rate was 6.2% in the Seattle metro
- The Seattle metro had the fourth lowest vacancy in both the nation and the region.
- No vacancy change since Q1 2024 in the Seattle metro.
- The Seattle metro had the highest vacancy level since Q1 2022.
RENT
Apartment
The average Asking Rent was $2,219 in the Seattle metro
- The Seattle metro remained flat rent since Q1 2024.
- Rent is expected to finish 2024 at $2,248 in the Seattle metro.
Distribution / Warehousing
The average Asking Rent was $10.08 in the Seattle metro
- Rent in the Seattle metro was up 0.2% from Q1 2024.
- Rent has risen in every quarter since Q1 2021 in the Seattle metro.
- Rent is expected to finish 2024 at $10.29 in the Seattle metro.
Flex / R&D
The average Asking Rent was $15.40 in the Seattle metro
- Rent in the Seattle metro was up 0.7% from Q1 2024.
- Rent has risen in every quarter for the past three years in the Seattle metro.
- Rent is expected to finish 2024 at $15.74 in the Seattle metro.
Office
The average Asking Rent was $43.06 in the Seattle metro
- Rent in the Seattle metro was up 0.5% from Q1 2024.
- Rent is expected to finish 2024 at $43.33 in the Seattle metro.
Retail
The average Asking Rent was $28.33 in the Seattle metro
- The Seattle metro had the third fastest rent growth in the nation, and the second in the West region, behind only Albuquerque.
- Seattle metro had its fastest rent rate of increase in six quarters.
- Rent is expected to finish 2024 at $28.60 in the Seattle metro.
VACANCY
Apartment
The average Vacancy Rate was 3.7% in the Tacoma metro
- Vacancy in the Tacoma metro drifted downward by 20 basis points.
- The Tacoma metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 3.4% in the Tacoma metro.
Distribution / Warehousing
The average Vacancy Rate was 6.6% in the Tacoma metro
- Vacancy in the Tacoma metro drifted upward by 20 basis points.
- The Tacoma metro had the highest vacancy level since Q3 2021.
- Vacancy is expected to finish 2024 at 6.7% in the Tacoma metro.
Office
The average Vacancy Rate was 17.3% in the Tacoma metro
- Vacancy in the Tacoma metro drifted downward by 30 basis points.
- The Tacoma metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 17.7% in the Tacoma metro.
Retail
The average Vacancy Rate was 10.9% in the Tacoma metro
- Vacancy in the Tacoma metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 11.4% in the Tacoma metro.
RENT
Apartment
The average Asking Rent was $1,532 in the Tacoma metro
- Rent in the Tacoma metro was down 0.5% from Q1 2024.
- Rent is expected to finish 2024 at $1,539 in the Tacoma metro.
Distribution / Warehousing
The average Asking Rent was $9.70 in the Tacoma metro
- Rent in the Tacoma metro was up 0.3% from Q1 2024.
- Rent has risen in every quarter since year-end 2019 in the Tacoma metro.
- Rent is expected to finish 2024 at $9.81 in the Tacoma metro.
Office
The average Asking Rent was $22.59 in the Tacoma metro
- Rent in the Tacoma metro was up 0.7% from Q1 2024.
- Rent is expected to finish 2024 at $22.71 in the Tacoma metro.
Retail
The average Asking Rent was $22.12 in the Tacoma metro
- Rent in the Tacoma metro was up 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $22.21 in the Tacoma metro.