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Washington
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Apartment
The average Vacancy Rate was 6.4% in the Portland metro
- Vacancy in the Portland metro drifted upward by 20 basis points.
- The Portland metro had the highest vacancy level since Q2 2021.
Distribution / Warehousing
The average Vacancy Rate was 4.5% 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 16.5% in the Portland metro
Retail
The average Vacancy Rate was 5.8% in the Portland metro
- Vacancy in the Portland metro drifted downward by 10 basis points.
- The Portland metro had the lowest vacancy level since Q3 2008.
RENT
Apartment
The average Asking Rent was $1,602 in the Portland metro
Distribution / Warehousing
The average Asking Rent was $8.21 in the Portland metro
- Rent in the Portland metro was up 0.7% from Q3 2023.
- Rent has risen in every quarter since Q3 2020 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 $27.10 in the Portland metro
Retail
The average Asking Rent was $22.63 in the Portland metro
VACANCY
Apartment
The average Vacancy Rate was 7.1% in the Seattle metro
- Vacancy in the Seattle metro drifted upward by 10 basis points.
- The Seattle metro had the highest vacancy level since Q1 2010.
Distribution / Warehousing
The average Vacancy Rate was 3.6% in the Seattle metro
Flex / R&D
The average Vacancy Rate was 5.0% in the Seattle metro
Office
The average Vacancy Rate was 17.2% in the Seattle metro
- Vacancy in the Seattle metro has risen for seven consecutive quarters.
- The Seattle metro had the highest vacancy level since year-end 2009.
Retail
The average Vacancy Rate was 5.8% in the Seattle metro
RENT
Apartment
The average Asking Rent was $2,253 in the Seattle metro
Distribution / Warehousing
The average Asking Rent was $10.00 in the Seattle metro
- Rent in the Seattle metro was up 0.6% from Q3 2023.
- Rent Has risen for eleven consecutive quarters in the Seattle metro.
Flex / R&D
The average Asking Rent was $15.28 in the Seattle metro
- Rent in the Seattle metro was up 0.8% from Q3 2023.
- Rent Has risen for ten consecutive quarters in the Seattle metro.
Office
The average Asking Rent was $42.76 in the Seattle metro
Retail
The average Asking Rent was $28.09 in the Seattle metro
VACANCY
Apartment
The average Vacancy Rate was 3.7% in the Tacoma metro
Distribution / Warehousing
The average Vacancy Rate was 6.2% in the Tacoma metro
- Vacancy in the Tacoma metro rose by 120 basis points.
- The Tacoma metro had the highest vacancy level since year-end 2021.
Office
The average Vacancy Rate was 18.4% in the Tacoma metro
Retail
The average Vacancy Rate was 10.9% in the Tacoma metro
RENT
Apartment
The average Asking Rent was $1,560 in the Tacoma metro
Distribution / Warehousing
The average Asking Rent was $9.63 in the Tacoma metro
- Rent in the Tacoma metro was up 0.6% from Q3 2023.
- Rent has risen in every quarter since year-end 2019 in the Tacoma metro.