Intelligence

Regional Summaries

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Seattle, WA

Apartment
The vacancy rate in the Seattle apartment market rose through 2018, adding 60 basis points to end the year at 5.7%. It slipped to 5.6% during the first quarter of 2019. The boom in high-end construction has resulted is high and rising rents. Average asking effective rents for the first quarter, at $1,844 and $1,740 per month, represented gains of 0.9% and 0.8% for the period. VIEW APARTMENT LISTINGS >
Industrial
Seattle warehouse/distribution sector vacancy remains very low. The first quarter 2019 rate was just 6.6%, down 10 basis points for the period after a gain of 70 last year. Asking and effective average rents for warehouse/distribution space for the first quarter were high at $7.80 psf and $7.41 psf, up 1.0% and 1.1% for the period following increases of 2.5% each all told last year. For Flex/R&D space, Reis reports first quarter vacancy at 5.8%, unchanged over the quarter and down 20 basis points over the year. Average asking and effective rents are reported at $12.18 psf and $11.44 psf, both up 0.3% over the quarter and up 2.3% and 2.2% over the year. VIEW INDUSTRIAL LISTINGS >
Office
The Seattle general purpose, multi-tenant office market vacancy rate closed the first quarter of 2019 at just 10.2%, down 20 basis points for the period following a loss of 50 all told last year. Rent growth, if slowing moderately, remains strong at high prices. At $38.02 psf and $31.46 psf, first quarter asking and effective averages were up 0.7% and 0.9% for the period following increases of 3.1% and 3.3% all told last year. VIEW OFFICE LISTINGS >
Retail
The first quarter 2019 vacancy rate in the Seattle community-neighborhood shopping center market was low at 6.4%, down 20 basis points from a quarter earlier after a decline by 130 in 2018. At $25.87 psf and $22.98 psf, first quarter asking and effective averages were down 0.2% each for the period following increases of 1.6% and 1.9% through 2018. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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