Insights
Washington
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Apartment
The average Vacancy Rate was 6.3% in the Portland metro
- No vacancy change since Q2 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 4.6% in the Portland metro
- Vacancy in the Portland metro fell by 50 basis points.
- The Portland metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2024 at 4.6% in the Portland metro.
Flex / R&D
The average Vacancy Rate was 3.5% in the Portland metro
- The Portland metro had the fifth lowest vacancy in the nation, and the second in the West region, behind only Orange County.
- Vacancy in the Portland metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 3.4% in the Portland metro.
Office
The average Vacancy Rate was 17.1% 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 2024 at 17.0% in the Portland metro.
Retail
The average Vacancy Rate was 5.8% in the Portland metro
- The Portland metro had the lowest vacancy in the nation.
- 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 $1,633 in the Portland metro
- Rent in the Portland metro was up 0.1% from Q2 2024.
- Rent is expected to finish 2024 at $1,636 in the Portland metro.
Distribution / Warehousing
The average Asking Rent was $8.32 in the Portland metro
- Rent in the Portland metro was up 0.5% from Q2 2024.
- Rent has risen in every quarter since Q3 2020 in the Portland metro.
- Rent is expected to finish 2024 at $8.38 in the Portland metro.
Flex / R&D
The average Asking Rent was $12.26 in the Portland metro
- The Portland metro had the sixth fastest rent growth in the nation, and the second in the West region, behind only San Francisco.
- Portland metro had its fastest rent rate of increase in five quarters.
- Rent has risen in every quarter for the past three years in the Portland metro.
Office
The average Asking Rent was $27.58 in the Portland metro
- Rent in the Portland metro was up 0.5% from Q2 2024.
- Rent Has risen for six consecutive quarters in the Portland metro.
- Rent is expected to finish 2024 at $27.63 in the Portland metro.
Retail
The average Asking Rent was $22.83 in the Portland metro
- The Portland metro had the eighth fastest rent growth in the nation, and the second in the West region, behind only Tacoma.
- Portland metro had its fastest rent rate of increase in seven quarters.
- Rent is expected to finish 2024 at $22.92 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 6.2% in the Seattle metro.
Distribution / Warehousing
The average Vacancy Rate was 3.9% in the Seattle metro
- Vacancy in the Seattle metro drifted upward by 20 basis points.
- The Seattle metro had the highest vacancy level since Q2 2022.
- Vacancy is expected to finish 2024 at 4.0% in the Seattle metro.
Flex / R&D
The average Vacancy Rate was 6.2% in the Seattle metro
- Vacancy in the Seattle metro rose by 60 basis points.
- The Seattle metro had the highest vacancy level since year-end 2021.
- Vacancy is expected to finish 2024 at 6.0% in the Seattle metro.
Office
The average Vacancy Rate was 17.5% in the Seattle metro
- Vacancy in the Seattle metro rose by 100 basis points.
- The Seattle metro had the highest vacancy level since Q2 1995.
- Vacancy is expected to finish 2024 at 18.0% in the Seattle metro.
Retail
The average Vacancy Rate was 5.9% in the Seattle metro
- The Seattle metro had the second lowest vacancy in the nation, behind only Portland.
- Vacancy in the Seattle metro drifted downward by 30 basis points.
- Vacancy is expected to finish 2024 at 6.2% in the Seattle metro.
RENT
Apartment
The average Asking Rent was $2,223 in the Seattle metro
- Rent in the Seattle metro was up 0.1% from Q2 2024.
- Rent is expected to finish 2024 at $2,232 in the Seattle metro.
Distribution / Warehousing
The average Asking Rent was $10.11 in the Seattle metro
- Rent in the Seattle metro was up 0.3% from Q2 2024.
- Rent has risen in every quarter since Q1 2021 in the Seattle metro.
- Rent is expected to finish 2024 at $10.21 in the Seattle metro.
Flex / R&D
The average Asking Rent was $15.42 in the Seattle metro
- Rent in the Seattle metro was up 0.1% from Q2 2024.
- Rent has risen in every quarter since Q2 2021 in the Seattle metro.
- Rent is expected to finish 2024 at $15.58 in the Seattle metro.
Office
The average Asking Rent was $43.11 in the Seattle metro
- Rent in the Seattle metro was up 0.1% from Q2 2024.
- Rent is expected to finish 2024 at $43.22 in the Seattle metro.
Retail
The average Asking Rent was $28.35 in the Seattle metro
- Rent in the Seattle metro was up 0.1% from Q2 2024.
- Rent is expected to finish 2024 at $28.52 in the Seattle metro.
VACANCY
Apartment
The average Vacancy Rate was 3.6% in the Tacoma metro
- Vacancy in the Tacoma metro drifted downward by 10 basis points.
- The Tacoma metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 3.6% in the Tacoma metro.
Distribution / Warehousing
The average Vacancy Rate was 7.4% in the Tacoma metro
- Vacancy in the Tacoma metro rose by 80 basis points.
- The Tacoma metro had the highest vacancy level since Q3 2021.
- Vacancy is expected to finish 2024 at 7.4% in the Tacoma metro.
Office
The average Vacancy Rate was 16.7% in the Tacoma metro
- Vacancy in the Tacoma metro declined by 80 basis points.
- The Tacoma metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 16.9% in the Tacoma metro.
Retail
The average Vacancy Rate was 11.3% in the Tacoma metro
- Vacancy in the Tacoma metro drifted upward by 40 basis points.
- The Tacoma metro had the highest vacancy level since Q1 2022.
- Vacancy is expected to finish 2024 at 11.6% in the Tacoma metro.
RENT
Apartment
The average Asking Rent was $1,536 in the Tacoma metro
- Rent in the Tacoma metro was up 0.2% from Q2 2024.
- Rent is expected to finish 2024 at $1,538 in the Tacoma metro.
Distribution / Warehousing
The average Asking Rent was $9.72 in the Tacoma metro
- Rent in the Tacoma metro was up 0.2% from Q2 2024.
- Rent has risen in every quarter since year-end 2019 in the Tacoma metro.
- Rent is expected to finish 2024 at $9.82 in the Tacoma metro.
Office
The average Asking Rent was $22.79 in the Tacoma metro
- The Tacoma metro had the fifth fastest rent growth in the nation, and the second in the West region, behind only Orange County.
- Rent is expected to finish 2024 at $22.85 in the Tacoma metro.
Retail
The average Asking Rent was $22.46 in the Tacoma metro
- The Tacoma metro had the fastest rent growth in the nation.
- Tacoma metro had its fastest rent rate of increase since Q2 2008.
- Rent is expected to finish 2024 at $22.58 in the Tacoma metro.