Insights
Washington
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Apartment
The average Vacancy Rate was 5.9% in the Portland metro
- Vacancy in the Portland metro drifted upward by 10 basis points.
- The Portland metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2023 at 6.3% in the Portland metro.
Distribution / Warehousing
The average Vacancy Rate was 4.5% in the Portland metro
- Vacancy in the Portland metro has been in decline for ten consecutive quarters.
- The Portland metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 4.4% 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 15.7% in the Portland metro
- The Portland metro had the lowest vacancy in the West region, third lowest in the nation.
- Vacancy in the Portland metro declined by 50 basis points.
- The Portland metro had the lowest vacancy level since Q1 2021.
Retail
The average Vacancy Rate was 6.2% 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 2023 at 6.5% in the Portland metro.
RENT
Apartment
The average Asking Rent was $1,598 in the Portland metro
- Rent in the Portland metro was down 1.7% from Q1 2023.
- Rent is expected to finish 2023 at $1,627 in the Portland metro.
Distribution / Warehousing
The average Asking Rent was $8.05 in the Portland metro
- Rent in the Portland metro was up 1.8% from Q1 2023.
- Rent Has risen for eleven consecutive quarters in the Portland metro.
- Rent is expected to finish 2023 at $8.30 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 $26.78 in the Portland metro
- The Portland metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $26.96 in the Portland metro.
Retail
The average Asking Rent was $22.63 in the Portland metro
- The Portland metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $22.72 in the Portland metro.
VACANCY
Apartment
The average Vacancy Rate was 6.8% in the Seattle metro
- Vacancy in the Seattle metro drifted upward by 10 basis points.
- The Seattle metro had the highest vacancy level since Q2 2010.
- Vacancy is expected to finish 2023 at 7.0% in the Seattle metro.
Distribution / Warehousing
The average Vacancy Rate was 3.1% in the Seattle metro
- Vacancy in the Seattle metro drifted downward by 10 basis points.
- The Seattle metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 3.1% in the Seattle metro.
Flex / R&D
The average Vacancy Rate was 4.9% in the Seattle metro
- Vacancy in the Seattle metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2023 at 4.6% in the Seattle metro.
Office
The average Vacancy Rate was 16.5% in the Seattle metro
- The Seattle metro had the tenth lowest vacancy in the nation and the twelfth lowest in the West.
- Vacancy in the Seattle metro drifted upward by 30 basis points.
- The Seattle metro had the highest vacancy level since Q3 2010.
Retail
The average Vacancy Rate was 5.7% in the Seattle metro
- The Seattle metro had the fourth lowest vacancy in the nation and the sixth lowest in the West.
- No vacancy change since Q1 2023 in the Seattle metro.
- The Seattle metro had the lowest vacancy level since Q1 2009.
RENT
Apartment
The average Asking Rent was $2,270 in the Seattle metro
- Rent in the Seattle metro was down 1.2% from Q1 2023.
- Rent is expected to finish 2023 at $2,333 in the Seattle metro.
Distribution / Warehousing
The average Asking Rent was $9.83 in the Seattle metro
- Rent in the Seattle metro was up 1.5% from Q1 2023.
- Rent Has risen for nine consecutive quarters in the Seattle metro.
- Rent is expected to finish 2023 at $10.19 in the Seattle metro.
Flex / R&D
The average Asking Rent was $15.06 in the Seattle metro
- Rent in the Seattle metro was up 1.3% from Q1 2023.
- Rent Has risen for eight consecutive quarters in the Seattle metro.
- Rent is expected to finish 2023 at $15.58 in the Seattle metro.
Office
The average Asking Rent was $42.63 in the Seattle metro
- The Seattle metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $42.90 in the Seattle metro.
Retail
The average Asking Rent was $28.15 in the Seattle metro
- Rent in the Seattle metro was up 0.6% from Q1 2023.
- Rent is expected to finish 2023 at $28.29 in the Seattle metro.
VACANCY
Apartment
The average Vacancy Rate was 3.6% in the Tacoma metro
- Vacancy in the Tacoma metro declined by 50 basis points.
- The Tacoma metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 3.5% in the Tacoma metro.
Distribution / Warehousing
The average Vacancy Rate was 4.5% in the Tacoma metro
- Vacancy in the Tacoma metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 4.7% in the Tacoma metro.
Office
The average Vacancy Rate was 17.8% in the Tacoma metro
- Vacancy in the Tacoma metro declined by 100 basis points.
- The Tacoma metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 18.1% in the Tacoma metro.
Retail
The average Vacancy Rate was 10.7% in the Tacoma metro
- Vacancy in the Tacoma metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2023 at 11.0% in the Tacoma metro.
RENT
Apartment
The average Asking Rent was $1,557 in the Tacoma metro
- Rent in the Tacoma metro was up 1.7% from Q1 2023.
- Rent Has risen for eleven consecutive quarters in the Tacoma metro.
- Rent is expected to finish 2023 at $1,607 in the Tacoma metro.
Distribution / Warehousing
The average Asking Rent was $9.45 in the Tacoma metro
- Rent in the Tacoma metro was up 1.8% from Q1 2023.
- Rent has risen in every quarter since year-end 2019 in the Tacoma metro.
- Rent is expected to finish 2023 at $9.69 in the Tacoma metro.
Office
The average Asking Rent was $22.34 in the Tacoma metro
- The Tacoma metro had the fastest rent growth in the nation.
- Rent is expected to finish 2023 at $22.45 in the Tacoma metro.
Retail
The average Asking Rent was $22.10 in the Tacoma metro
- The Tacoma metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $22.16 in the Tacoma metro.