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Washington Commercial Property Sales Market Enters Early Recovery Phase in 2024

Commercial Brokers Association

Q3 2024 Sales Analysis Report


CBA's Commercial Market Analysis (CMA) Sales Report analyzes yearly and quarterly economic and commercial real estate sales activity and trends at the market and submarket levels. Our Q3 report provides a detailed look into Washington’s commercial property sales market, which has officially entered the early recovery phase, marked by strong growth and increasing transaction activity.


Key Q3 Highlights


  • Market Recovery: First back-to-back quarters of sales volume growth since 2021.
  • Sales Surge: Q3 sales volumes rose 13.7% from Q2 and 62.6% year-over-year.
  • Large Transactions Returning: 23 deals exceeded $50M in 2024, a 130% increase from 2023. Multifamily properties account for over 60% of these transactions.
  • Sales Volume Growth: Combined Q2 and Q3 sales volumes reached $5.19B, up 46.9% from the same period in 2023.
  • Q3 Momentum: Highest quarterly sales velocity and volume since 2022.
  • Annual Outlook: 2024 is on track for $10B in sales, a 42% increase from 2023, but still 31% below the 10-year average of $14.5B. Expect a return to the 10-year average in 2025 with improved interest rates and increased listings.


Asset Class Rankings (YTD Sales Volumes)


  1. Multifamily: $2.47B (+25.4%)
  2. Industrial: $1.24B (+31.8%)
  3. Retail: $1.22B (+40.5%)
  4. Office: $1.01B (+34.7%)
  5. Land: $635M (-9.0%)


County Performance (Q3 2024 vs. Q3 2023)


  • King: +12% sales count, +101% volume
  • Snohomish: +13% sales count, +32% volume
  • Pierce: +84% sales count, +23% volume
  • Spokane: -13% sales count, -41% volume
  • Thurston: +48% sales count, +240% volume
  • Whatcom: +105% sales count, +8% volume

 

Asset Class Trends (Q3 2024 vs. Q3 2023)


  • Office: +27% sales count, +94% volume
  • Retail: +35% sales count, +83% volume
  • Industrial/Flex: +23% sales count, +133% volume
  • Land: +28% sales count, -5% volume
  • Multifamily: +12% sales count, +49% volume


VIEW OUR FULL REPORT

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UPDATE! CBA now researches office, retail, industrial, and land sales, $250,000 or more, in King, Kitsap, Pierce, Skagit, Snohomish, Spokane, Thurston, and Whatcom counties. Multi-family sales of $250,000+, and 5-units+, are now researched in King, Kitsap, Pierce, Snohomish, Spokane, and Thurston counties. The raw data in our reports are pulled directly from the CBAcma database.


For questions about the report, contact Binh Truong, Director of Market Data and Business Development, at binh@commercialmls.com

or 425-952-2727. 

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