Washington State Commercial Real Estate Had a Breakout Year in 2025

Looking back at 2025, Washington State's commercial real estate market staged a significant comeback. According to the Commercial Brokers Association (CBA) Q4 2025 Sales Report, total statewide sales volume reached $14.09 billion — a 43% jump over 2024 — with the number of transactions climbing to 2,166, up from 1,945 the year before. After several quieter years following the 2021–2022 peak, capital returned to the market in a meaningful way, and the momentum held through year-end rather than fading after a strong start.

Multifamily was the year's clear standout, with apartment sales more than doubling to $7.05 billion. Several of the state's largest-ever multifamily transactions closed in 2025, including Via6 in Seattle ($295M) and Soma Towers ($192.85M). Industrial properties also had a strong run, with sales volume up nearly 49% — buoyed by major distribution center deals in the Woodinville and Tacoma corridors. For Seattle-area commercial appraisers and investors, these sales will serve as important benchmarks for valuations well into 2026.

King County led the state in overall volume, but some of the most notable growth happened outside Seattle's core. Whatcom County more than doubled in sales volume, and Benton County grew 75%. Secondary markets that were largely overlooked during the post-pandemic frenzy drew genuine investor interest last year, suggesting the recovery was broad-based rather than concentrated in one geography. For anyone tracking Seattle commercial real estate values or considering opportunities beyond King County, the 2025 data makes a compelling case for looking at the wider region.