Washington State Commercial Property Update

Washington’s commercial property market showed clear signs of recovery in the third quarter of 2025, reaching its strongest sales volume since mid-2022. Year-to-date figures underscore the shift: according to the Commercial Brokers Association (CBA), total sales volume is up 50% and the number of transactions is up 11% compared with the same period in 2024. For appraisers working in Washington, this signals a market transitioning out of its slowdown and moving toward more reliable transaction activity, providing better comparable data across several property types.

Multifamily properties continued to set the pace in Q3, pulling in 57% of all sales dollars despite making up only a fraction of total transactions, and their volume jumped 143% from the previous quarter. Office sales finally cleared the half-billion mark for the first time since 2022, industrial posted yet another strong gain, and land recorded its third straight quarterly increase. Only retail moved in the opposite direction, with both volume and transactions continuing to slip.

The following table from CBA shows the recent sales volume trends:

Source: Commercial Brokers Association

The quarter also included seven notable sales above $100 million, showing a mix of multifamily, industrial, and office properties. Major transactions ranged from Woodinville Corporate Center at $233 million to several large multifamily properties in Seattle and Bothell.

Forecasts and industry chatter call for another strong quarter to close out 2025, with expected sales between $5 and $6 billion. For commercial appraisals across Washington state, this trajectory suggests increasing market stability and a more robust pool of sales data to support credible analyses.