We have just released our year-end 2014 market reports for Spokane County, each covering overall market vacancy, rental rates, comparisons, and trends for the four major sectors of commercial real estate, including apartment, industrial, office, and retail.
Apartment Market Report (Fall 2014)
The overall market-wide vacancy is down 140 basis points year over year. Rents are continuing to be pushed upward with a 4.7% increase from 2012 to 2014 and you should expect to see this trend going forward. New construction is high, but expect to see a dip in occupancy concentrated to the Spokane Valley. Read the full report to learn more about the apartment market in Spokane County.
Industrial Market Report (Fall 2014)
The overall vacancy decreased to 6.40%, which is a reduction of 364,506 square feet. Our survey shows that the rental rate is staying flat. Liberty Lake reflects 121,523 square feet vacant with a 7.22% vacancy. The Spokane Valley shows good growth by a reduced vacancy of 327,630 square feet with a vacancy rate of 6.02%. Read the full report to learn more about the industrial market in Spokane County.
Office Market Report (Fall 2014)
The leasing deal flow has picked up and the trend should continue in 2015. Class A vacancy decreased from 11.61% to 10.06%. Class B vacancy decreased from 19.51% to 15.01%. Class C vacancy decreased from 20.68% to 15.05%. Total office market vacancy decreased from 16.18% to 15.31%. Medical office vacancy increased up to 310,618 square feet. Read the full report to learn more about the office market in Spokane County.
Retail Market Report (Fall 2014)
The overall retail vacancy decreased from 9.89% to 8.25%. Average asking rental rates decreased from $16.27 to $14.19 market wide. The North Spokane market reflects a 247 basis point increase in vacancy and the Spokane Valley market reflects a 269 basis point decrease in vacancy. The South Hill market remains strong at 4.22% vacant. Read the full report to learn more about the retail market in Spokane County.
At NAI Black, we believe having in-depth local market knowledge is essential to navigating the dynamic real estate market. Our team works hard to prepare these comprehensive market analyses, which reflect our ongoing research activities and daily contact with the real estate community including agents, investors, developers, and economic officials throughout the region.
If you have questions about the market or have any commercial real estate needs, please contact our office at 509-623-1000.
