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Regional Summaries

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Seattle, WA

Apartment
After running below 5.0% since 2011, the vacancy rate in the Seattle apartment market rose above that threshold, to 5.1%, in the third quarter of 2015. By the end of the year, it had increased to 5.3% in a gain of 60 basis points since the end of 2014. Rates of rent growth, rising again in 2015, have been very strong. At $1,374 and $1,313 per month, fourth quarter metro area average asking and effective rates were up fully 8.0% and 8.4% for the year, the largest single-year increases since the mid-1990s. The completion of 502 units in three projects in January 2016, meanwhile, met with 742 units of net absorption and gains of 0.5% for both mean rents. Vacancy showed no change in January. VIEW APARTMENT LISTINGS >
Industrial
The Seattle warehouse/distribution space market was very strong in 2015. Reis put fourth quarter 2015 warehouse/distribution sector vacancy at 7.8%, a decline by 90 basis points for the year, a gain of 10 during the latest quarter. Warehouse/distribution sector rent growth was modest in 2015: at $6.75 psf and $6.37 psf, fourth quarter asking and effective averages were up 1.4% each for the year. Gains during the latest quarter alone were 0.4% and 0.5%. January 2016 followed with no new supply additions, 41,000 square feet of positive net absorption, a 10-basis-points decline in the vacancy rate, and gains of one cent for both average rents. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in the Seattle general purpose, multi-tenant office market ended 2015 at 12.5%, unchanged since both the third quarter of 2015 and year-end 2014. Rent growth has been very strong. At $33.76 psf and $27.68 psf, fourth quarter asking and effective averages were up fully 7.8% and 8.1% for the year. Respective gains for the fourth quarter alone were 2.1% and 2.2%. VIEW OFFICE LISTINGS >
Retail
Fourth quarter 2015 vacancy in the Seattle community-neighborhood shopping center market was just 7.1%—up 30 basis points for the latest quarter and the year as a whole. At $24.15 psf and $21.36 psf, fourth quarter asking and effective average community-neighborhood center rents were up 2.3% and 2.4% for the year. Gains for the latest quarter alone were 0.5% for both rates. The 10,000 square feet of negative net absorption that followed in January met with small increases in the average rents and a 20-basis-points increase in the vacancy rate. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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