Insights
Washington
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BACK TO INSIGHTSVACANCY
Apartment
Average Vacancy Rate 5.8%
- Increased by 50 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2020 at 7.7%.
Distribution / Warehousing
Average Vacancy Rate 10.6%
- Drifted upward by 20 basis points.
- Expected to finish 2020 at 11.8%.
Flex / R&D
Average Vacancy Rate 4.7%
- Fourth lowest in the nation and the third lowest in the West.
- No change since Q1 2020.
- Expected to finish 2020 at 6.2%.
Office
Average Vacancy Rate 13.7%
- Ninth lowest in the nation and the third lowest in the West.
- No change since Q1 2020.
- Highest level since year-end 2014.
Retail
Average Vacancy Rate 7.0%
- Eighth lowest in the nation and the sixth lowest in the West.
- Drifted upward by 10 basis points.
- Expected to finish 2020 at 9.8%.
RENT
Apartment
Average Asking Rent $1,389
- Down 1.0% from Q1 2020.
- Expected to finish 2020 at $1,349.
Distribution / Warehousing
Average Asking Rent $6.76
- Up 0.4% from Q1 2020.
- Has risen in every quarter since Q1 2014.
- Expected to finish 2020 at $6.44.
Flex / R&D
Average Asking Rent $10.29
- Down 0.1% from Q1 2020.
- Expected to finish 2020 at $9.76.
Office
Average Asking Rent $25.71
- Flat since Q1 2020.
- Expected to finish 2020 at $25.16.
Retail
Average Asking Rent $22.47
- Down 0.5% from Q1 2020.
- Expected to finish 2020 at $21.00.
VACANCY
Apartment
Average Vacancy Rate 5.3%
- Drifted downward by 10 basis points.
- Lowest level since Q2 2018.
- Expected to finish 2020 at 6.6%.
Distribution / Warehousing
Average Vacancy Rate 7.8%
- Drifted upward by 20 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2020 at 9.6%.
Flex / R&D
Average Vacancy Rate 6.7%
- Sixth lowest in the nation and the fifth lowest in the West.
- Increased by 100 basis points.
- Highest level since Q2 2016.
Office
Average Vacancy Rate 11.1%
- Third lowest in the nation, and the second in the West region, behind only San Francisco.
- Drifted upward by 30 basis points.
- Highest level since Q1 2016.
Retail
Average Vacancy Rate 6.4%
- Seventh lowest in the nation and the fifth lowest in the West.
- Drifted upward by 10 basis points.
- Expected to finish 2020 at 9.1%.
RENT
Apartment
Average Asking Rent $1,915
- Up 0.2% from Q1 2020.
- Has risen in every quarter since year-end 2016.
- Expected to finish 2020 at $1,814.
Distribution / Warehousing
Average Asking Rent $8.03
- Up 0.4% from Q1 2020.
- Has risen in every quarter since Q1 2012.
- Expected to finish 2020 at $7.58.
Flex / R&D
Average Asking Rent $12.69
- Down 0.2% from Q1 2020.
- Expected to finish 2020 at $11.77.
Office
Average Asking Rent $40.39
- Up 0.2% from Q1 2020.
- Has risen in every quarter since Q1 2016.
- Expected to finish 2020 at $37.75.
Retail
Average Asking Rent $26.74
- Down 0.4% from Q1 2020.
- Expected to finish 2020 at $24.74.
VACANCY
Apartment
Average Vacancy Rate 3.3%
- Sixth lowest in the nation, and the second in the West region, behind only Sacramento.
- Drifted downward by 10 basis points.
- Expected to finish 2020 at 4.9%.
Distribution / Warehousing
Average Vacancy Rate 9.0%
- Increased by 180 basis points.
- Expected to finish 2019 at 8.3%.
Office
Average Vacancy Rate 17.9%
- Drifted downward by 20 basis points.
- Expected to finish 2020 at 19.7%.
Retail
Average Vacancy Rate 11.9%
- Drifted downward by 10 basis points.
- Lowest level since Q3 2016.
- Expected to finish 2020 at 14.6%.
RENT
Apartment
Average Asking Rent $1,164
- Flat since Q1 2020.
- Expected to finish 2020 at $1,120.
Distribution / Warehousing
Average Asking Rent $7.81
- Down 0.5% from year-end 2018.
- Expected to finish 2019 at $8.01.
Office
Average Asking Rent $21.77
- Second fastest rent growth in the nation, behind only Minneapolis.
- Fastest rate of increase in six quarters.
- Expected to finish 2020 at $21.46.
Retail
Average Asking Rent $21.72
- Down 0.5% from Q1 2020.
- Expected to finish 2020 at $19.94.