Washington State's apartment market saw lots of action in 2025. Statewide multifamily sales totaled $7.05 billion (more than double the prior year) with 429 transactions closed compared to 319 in 2024. Q3 and Q4 were especially busy, capped by a flurry of major December closings. In terms of the multifamily appraisal outlook, the increased volume of new sales data from last year creates a somewhat stronger set of comps heading into 2026 assignments than has been available in recent years.
Growth wasn't confined to King County. Snohomish County, which contains markets such as Lynnwood, Bothell, and Woodinville, posted a near-doubling of commercial sales volume in 2025, reflecting broader investor appetite for suburban Seattle assets. Pierce County and Spokane also saw solid gains, reinforcing that the multifamily recovery extended well beyond the urban core.
Office is a different story. Sales volume edged up modestly in 2025, but the asset class remained challenging, with deal counts staying below pre-pandemic levels and Q4 volume actually declining year-over-year. The big exception, as usual, was trophy suburban office; One Esterra Park in Redmond sold for $225M, proving that well-located, Class A product can still command institutional interest. For commercial appraisers, lenders, and other real estate professionals in the area, the office market continues to require careful submarket-level analysis; broad averages mask a wide gap between the best assets and everything else. Heading into 2026, the Washington State market carries strong momentum from multifamily and industrial, even as office and some secondary asset classes call for a more measured approach.
