Insights
Washington
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BACK TO INSIGHTSVACANCY
Apartment
Average Vacancy Rate 6.3%
- Has risen for six consecutive quarters.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 6.1%.
Distribution / Warehousing
Average Vacancy Rate 10.6%
- Declined by 90 basis points.
- Expected to finish 2021 at 10.5%.
Flex / R&D
Average Vacancy Rate 5.5%
- Fourth lowest in the nation and the third lowest in the West.
- Increased by 50 basis points.
- Highest level since Q1 2017.
Office
Average Vacancy Rate 14.8%
- Tenth lowest in the nation and the third lowest in the West.
- Drifted upward by 10 basis points.
- Highest level since year-end 2012.
Retail
Average Vacancy Rate 7.1%
- Ninth lowest in the nation and the sixth lowest in the West.
- No change since year-end 2020.
- Highest level since Q1 2019.
RENT
Apartment
Average Asking Rent $1,360
- Down 0.3% from year-end 2020.
- Expected to finish 2021 at $1,397.
Distribution / Warehousing
Average Asking Rent $6.85
- Fourth fastest rent growth in the nation, and the second in the West region, behind only Reno.
- Fastest rate of increase since year-end 2017.
- Expected to finish 2021 at $7.04.
Flex / R&D
Average Asking Rent $10.39
- Up 0.1% from year-end 2020.
- Expected to finish 2021 at $10.46.
Office
Average Asking Rent $25.88
- Up 0.3% from year-end 2020.
- Expected to finish 2021 at $25.27.
Retail
Average Asking Rent $22.50
- Flat since year-end 2020.
- Expected to finish 2021 at $21.54.
VACANCY
Apartment
Average Vacancy Rate 6.1%
- Drifted downward by 20 basis points.
- Expected to finish 2021 at 5.6%.
Distribution / Warehousing
Average Vacancy Rate 7.1%
- Fell by 80 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2021 at 7.0%.
Flex / R&D
Average Vacancy Rate 9.1%
- Increased by 140 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2021 at 8.4%.
Office
Average Vacancy Rate 13.5%
- Fourth lowest in the nation, and the second in the West region, behind only San Francisco.
- Has risen for six consecutive quarters.
- Highest level since Q1 2014.
Retail
Average Vacancy Rate 6.4%
- Fourth lowest in both the nation and the region.
- Drifted downward by 10 basis points.
- Expected to finish 2021 at 8.1%.
RENT
Apartment
Average Asking Rent $1,767
- Down 1.3% from year-end 2020.
- Expected to finish 2021 at $1,824.
Distribution / Warehousing
Average Asking Rent $8.06
- Down 0.1% from year-end 2020.
- Expected to finish 2021 at $8.26.
Flex / R&D
Average Asking Rent $12.72
- Lowest rent growth in the nation.
- Expected to finish 2021 at $12.89.
Office
Average Asking Rent $40.61
- Flat since year-end 2020.
- Expected to finish 2021 at $38.66.
Retail
Average Asking Rent $26.56
- Up 0.1% from year-end 2020.
- Expected to finish 2021 at $25.38.
VACANCY
Apartment
Average Vacancy Rate 3.8%
- Rose by 100 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2021 at 3.8%.
Distribution / Warehousing
Average Vacancy Rate 12.7%
- Drifted downward by 40 basis points.
- Expected to finish 2021 at 12.5%.
Office
Average Vacancy Rate 18.5%
- Rose by 50 basis points.
- Highest level since Q3 1999.
- Expected to finish 2021 at 19.7%.
Retail
Average Vacancy Rate 12.1%
- No change since year-end 2020.
- Expected to finish 2021 at 14.1%.
RENT
Apartment
Average Asking Rent $1,195
- Fastest rent growth in the nation.
- Fastest rate of increase three years.
- Expected to finish 2021 at $1,228.
Distribution / Warehousing
Average Asking Rent $8.12
- Up 0.4% from year-end 2020.
- Expected to finish 2021 at $8.28.
Office
Average Asking Rent $21.93
- Up 0.6% from year-end 2020.
- Expected to finish 2021 at $21.66.
Retail
Average Asking Rent $22.02
- Second fastest rent growth in the nation, behind only Syracuse.
- Expected to finish 2021 at $20.70.