Insights
Washington
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Apartment
The average Vacancy Rate was 5.3% in the Portland metro
- No vacancy change since year-end 2021 in the Portland metro.
- The Portland metro had the lowest vacancy level since Q3 2019.
- Vacancy is expected to finish 2022 at 5.1% in the Portland metro.
Distribution / Warehousing
The average Vacancy Rate was 8.0% in the Portland metro
- No vacancy change since year-end 2021 in the Portland metro.
- The Portland metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 7.1% 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 17.5% in the Portland metro
- Vacancy in the Portland metro rose by 170 basis points.
- The Portland metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 17.0% in the Portland metro.
Retail
The average Vacancy Rate was 6.9% in the Portland metro
- Vacancy in the Portland metro drifted upward by 10 basis points.
- The Portland metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 7.2% in the Portland metro.
RENT
Apartment
The average Asking Rent was $1,582 in the Portland metro
- Rent in the Portland metro was up 4.1% from year-end 2021.
- Rent is expected to finish 2022 at $1,634 in the Portland metro.
Distribution / Warehousing
The average Asking Rent was $7.29 in the Portland metro
- Rent in the Portland metro was up 1.4% from year-end 2021.
- Rent Has risen for six consecutive quarters in the Portland metro.
- Rent is expected to finish 2022 at $7.57 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 $26.46 in the Portland metro
- Rent in the Portland metro was up 0.7% from year-end 2021.
- Rent is expected to finish 2022 at $26.40 in the Portland metro.
Retail
The average Asking Rent was $22.58 in the Portland metro
- Rent in the Portland metro was up 0.1% from year-end 2021.
- Rent is expected to finish 2022 at $22.64 in the Portland metro.
VACANCY
Apartment
The average Vacancy Rate was 6.5% in the Seattle metro
- Vacancy in the Seattle metro drifted upward by 40 basis points.
- The Seattle metro had the highest vacancy level since Q2 2010.
- Vacancy is expected to finish 2022 at 6.5% in the Seattle metro.
Distribution / Warehousing
The average Vacancy Rate was 5.4% in the Seattle metro
- Vacancy in the Seattle metro drifted downward by 20 basis points.
- The Seattle metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 5.2% in the Seattle metro.
Flex / R&D
The average Vacancy Rate was 6.8% in the Seattle metro
- No vacancy change since year-end 2021 in the Seattle metro.
- The Seattle metro had the lowest vacancy level since Q1 2020.
- Vacancy is expected to finish 2022 at 6.3% in the Seattle metro.
Office
The average Vacancy Rate was 14.1% in the Seattle metro
- The Seattle metro had the sixth lowest vacancy in the nation and the fourth lowest in the West.
- Vacancy in the Seattle metro fell by 60 basis points.
- Vacancy is expected to finish 2022 at 14.5% in the Seattle metro.
Retail
The average Vacancy Rate was 6.0% 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 2022 at 6.7% in the Seattle metro.
RENT
Apartment
The average Asking Rent was $2,025 in the Seattle metro
- Rent in the Seattle metro was up 3.7% from year-end 2021.
- Rent is expected to finish 2022 at $2,124 in the Seattle metro.
Distribution / Warehousing
The average Asking Rent was $8.52 in the Seattle metro
- Rent in the Seattle metro was up 1.5% from year-end 2021.
- Rent is expected to finish 2022 at $8.79 in the Seattle metro.
Flex / R&D
The average Asking Rent was $13.35 in the Seattle metro
- Rent in the Seattle metro was up 1.7% from year-end 2021.
- Rent is expected to finish 2022 at $13.71 in the Seattle metro.
Office
The average Asking Rent was $40.84 in the Seattle metro
- Rent in the Seattle metro was down 0.2% from year-end 2021.
- Rent is expected to finish 2022 at $41.14 in the Seattle metro.
Retail
The average Asking Rent was $26.68 in the Seattle metro
- Rent in the Seattle metro was up 0.4% from year-end 2021.
- Rent is expected to finish 2022 at $26.79 in the Seattle metro.
VACANCY
Apartment
The average Vacancy Rate was 2.8% in the Tacoma metro
- The Tacoma metro had the ninth lowest vacancy in the nation and the seventh lowest in the West.
- Vacancy in the Tacoma metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2022 at 2.7% in the Tacoma metro.
Distribution / Warehousing
The average Vacancy Rate was 6.4% in the Tacoma metro
- Vacancy in the Tacoma metro drifted downward by 10 basis points.
- The Tacoma metro had the lowest vacancy level since Q1 2017.
- Vacancy is expected to finish 2022 at 6.0% in the Tacoma metro.
Office
The average Vacancy Rate was 18.7% in the Tacoma metro
- Vacancy in the Tacoma metro drifted upward by 30 basis points.
- Vacancy is expected to finish 2022 at 18.2% in the Tacoma metro.
Retail
The average Vacancy Rate was 11.8% in the Tacoma metro
- No vacancy change since year-end 2021 in the Tacoma metro.
- The Tacoma metro had the lowest vacancy level since Q2 2016.
- Vacancy is expected to finish 2022 at 12.1% in the Tacoma metro.
RENT
Apartment
The average Asking Rent was $1,352 in the Tacoma metro
- Rent in the Tacoma metro was up 0.3% from year-end 2021.
- Rent Has risen for six consecutive quarters in the Tacoma metro.
- Rent is expected to finish 2022 at $1,394 in the Tacoma metro.
Distribution / Warehousing
The average Asking Rent was $8.67 in the Tacoma metro
- Rent in the Tacoma metro was up 1.8% from year-end 2021.
- Rent Has risen for nine consecutive quarters in the Tacoma metro.
- Rent is expected to finish 2022 at $8.86 in the Tacoma metro.
Office
The average Asking Rent was $22.43 in the Tacoma metro
- Rent in the Tacoma metro was up 1.2% from year-end 2021.
- Tacoma metro had its fastest rent rate of increase since Q1 2008.
- Rent is expected to finish 2022 at $22.26 in the Tacoma metro.
Retail
The average Asking Rent was $21.80 in the Tacoma metro
- The Tacoma metro remained flat rent since year-end 2021.
- Rent is expected to finish 2022 at $21.83 in the Tacoma metro.