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East King County (Snoqualmie Valley to North Bend) Commercial Market Update

In this month’s issue we’ll review the market in East King County, from the Snoqualmie Valley up to North Bend.

This report covers Duvall, Carnation, Fall City, Snoqualmie and North Bend.

The story for smaller towns on the east side of King County is similar to that of eastern Snohomish County, told last month. The commercial market has been hit hard by financing problems and the overall down-trend in the economy. Fewer new businesses are opening and existing businesses are cutting back or at best, not expanding.

While the residential real estate market appears to be bottoming out, finally, the commercial market has yet to see the worst. However, there are hopeful signs locally as quite a few smaller retail spaces have become occupied in the last couple of months. This is in contrast to the large number of spaces coming empty over the last year, especially in places like Duvall.

Still, the power in negotiations has switched to buyers and tenants. Along with price changes, concessions by sellers and landlords are definitely more common.

Below are the current statistics according to data available from the Commercial Brokers Association (CBA) database. I should note that CBA statistics don’t really tell the full story in this area. It is far more common with the large number of small properties, for owners to represent themselves in lease negotiations in particular. So, not all available property spaces are shown and the amount of leased spaces available really can only be generalized as “a lot is available”.

Current “For Lease” Property Statistics

Property Type

Square Footage Available

Average Asking Rent

Industrial

26,100 sf

$0.67/sf

Land

479,160 sf

$0.05/sf

Mixed Use

N/A

N/A

Office Only

249,424 sf

$20.03/sf

Office/Retail

11,814 sf

$18.67/sf

Retail Only

23,164 sf

$22.53/sf

 

Current “For Sale” Property Statistics

Property Type

Square Footage Available

Average Asking Price

Industrial

2,980 sf

$201.34/sf

Land

2,399,127 sf

$13.94/sf

Multifamily

3,736 sf

$137.85/sf

Office (Including High-Tech)

71,659 sf

$237.12/sf

Retail (All)

3,050 sf

$250.78/sf

 

Recent Sales

Since the beginning of the year there have been 3 sales recorded by CBA and NWMLS:

•         39152 SE Alpha St, a land parcel, in Snoqualmie sold in June for $80,000

•         Partially improved North Bend Way land parcel in North Bend sold in March for $379,900

•         Cascade Golf Course in North Bend sold in February for $5,000,000.

Jason Hershey, Commercial Agent
Commercial Sales and Leasing
CENTURY 21 North Homes Realty, Inc.
13322 Hwy 99 South, Suite #201
Everett, WA 98204

Cell: 425-417-5389
Fax: 425-223-3148

www.nwcommercialre.com
Follow me on Twitter @PlumcrazyRE

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