Insights
Washington
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Apartment
The average Vacancy Rate was 6.3% in the Portland metro
- No vacancy change since year-end 2024 in the Portland metro.
- The Portland metro had the highest vacancy level since Q1 2023.
Distribution / Warehousing
The average Vacancy Rate was 4.4% in the Portland metro
- No vacancy change since year-end 2024 in the Portland metro.
- The Portland metro had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 3.0% 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 drifted downward by 10 basis points.
- The Portland metro had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 19.8% in the Portland metro
- Vacancy in the Portland metro increased by 50 basis points.
- The Portland metro had the highest vacancy level since Q1 1996.
Retail
The average Vacancy Rate was 5.9% in the Portland metro
- The Portland metro had the second lowest vacancy in the nation, behind only Baltimore.
- Vacancy in the Portland metro drifted upward by 10 basis points.
RENT
Apartment
The average Asking Rent was $1,686 in the Portland metro
Distribution / Warehousing
The average Asking Rent was $8.42 in the Portland metro
- Rent in the Portland metro was up 0.4% from year-end 2024.
- Rent has risen in every quarter since Q3 2020 in the Portland metro.
Flex / R&D
The average Asking Rent was $12.48 in the Portland metro
- Rent in the Portland metro was up 0.2% from year-end 2024.
- Rent has risen in every quarter since Q3 2021 in the Portland metro.
Office
The average Asking Rent was $27.86 in the Portland metro
- Rent in the Portland metro was up 0.1% from year-end 2024.
- Rent Has risen for eight consecutive quarters in the Portland metro.
Retail
The average Asking Rent was $22.89 in the Portland metro
VACANCY
Apartment
The average Vacancy Rate was 6.3% in the Seattle metro
- No vacancy change since year-end 2024 in the Seattle metro.
- The Seattle metro had the lowest vacancy level since Q1 2021.
Distribution / Warehousing
The average Vacancy Rate was 4.1% in the Seattle metro
- Vacancy in the Seattle metro drifted upward by 30 basis points.
- The Seattle metro had the highest vacancy level since Q2 2022.
Flex / R&D
The average Vacancy Rate was 6.8% in the Seattle metro
- Vacancy in the Seattle metro rose by 50 basis points.
- The Seattle metro was among the 20 highest vacancies nationally.
Office
The average Vacancy Rate was 18.3% in the Seattle metro
- Vacancy in the Seattle metro drifted upward by 30 basis points.
- The Seattle metro had the highest vacancy level since Q2 1995.
Retail
The average Vacancy Rate was 5.5% in the Seattle metro
- The Seattle metro had the lowest vacancy in the nation.
- Vacancy in the Seattle metro drifted downward by 20 basis points.
- The Seattle metro had the lowest vacancy level since year-end 2008.
RENT
Apartment
The average Asking Rent was $2,284 in the Seattle metro
Distribution / Warehousing
The average Asking Rent was $10.17 in the Seattle metro
- Rent in the Seattle metro was up 0.2% from year-end 2024.
- Rent has risen in every quarter since Q1 2021 in the Seattle metro.
Flex / R&D
The average Asking Rent was $15.63 in the Seattle metro
- Rent in the Seattle metro was up 0.3% from year-end 2024.
- Rent has risen in every quarter since Q2 2021 in the Seattle metro.
Office
The average Asking Rent was $43.37 in the Seattle metro
- Rent in the Seattle metro was up 0.7% from year-end 2024.
- Seattle metro had its fastest rent rate of increase in eight quarters.
Retail
The average Asking Rent was $28.34 in the Seattle metro
VACANCY
Apartment
The average Vacancy Rate was 3.5% in the Tacoma metro
- The Tacoma metro had the seventh lowest vacancy in the nation, and the second in the West region, behind only Ventura County.
- No vacancy change since year-end 2024 in the Tacoma metro.
- The Tacoma metro had the lowest vacancy level since Q3 2021.
Distribution / Warehousing
The average Vacancy Rate was 8.9% in the Tacoma metro
- Vacancy in the Tacoma metro has risen for seven consecutive quarters.
- The Tacoma metro had the highest vacancy level since Q2 2021.
Office
The average Vacancy Rate was 16.5% in the Tacoma metro
- No vacancy change since year-end 2024 in the Tacoma metro.
- The Tacoma metro was among the 20 lowest vacancies nationally.
Retail
The average Vacancy Rate was 12.1% in the Tacoma metro
- Vacancy in the Tacoma metro rose by 120 basis points.
- The Tacoma metro had the highest vacancy level since Q1 2022.
RENT
Apartment
The average Asking Rent was $1,640 in the Tacoma metro
Distribution / Warehousing
The average Asking Rent was $9.81 in the Tacoma metro
- Rent in the Tacoma metro was up 0.5% from year-end 2024.
- Rent has risen in every quarter since year-end 2019 in the Tacoma metro.
Office
The average Asking Rent was $23.35 in the Tacoma metro
- The Tacoma metro had the second fastest rent growth in the nation, behind only Colorado Springs.
- Tacoma metro had its fastest rent rate of increase in eight quarters.