Washington State Commercial Real Estate (2024)

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Washington State information-

According to an estimate submitted by theUS Census Bureauin 2015,Washington State (WA)is the 8th highest US state experiencing fast population growth. It’s not so challenging to seeWashingtonperfectly perched on this high pedestal as the state not only has a booming job market but possesses quality living conditions such as weather, good education, and numerous parks.

To top that, Washington is home to many tourist attractions. Its dynamic mountain ranges coupled with a bubbling economy, fuelled by the tech industry, makes Washington the dream home for many Americans and foreigners.

Are you looking to move to Washington? Do you plan to settle down in one of its beautiful cities like Seattle? Here are some quick facts about Washington to get you started.

Washington State Commercial Real Estate (8)Quick Facts about Washington

Washington currently has a diverse population of over 7.6 million people, with females dominating the state. Located in the United States’ northwestern region along the Pacific, WA has a booming economy serviced by seaports and the bubbling tech industry. As a result, the state doesn’t lack jobs as it is home to thousands of global companies who trade locally and internationally.

Why You Should Move to Washington

Like many states across the US, factors like housing, transportation, feeding, clothing options, internet availability, leisure spots, etc., have a significant impact on Washington’s overall cost of living.

Are you looking for a reason to relocate to theevergreenWashington state? Here are seven solid reasons why you should make the move today.

A Plethora of Jobs

As far as employment is concerned, Washington has a lot of jobs. With the state having global brands like Microsoft, Amazon, and Google, its job market is rampant. These three corporate giants alone currently employ more than 100,000 people. And guess what; they aren’t even the state’s biggest employers.

You’re probably thinking,“But it’s all tech.”Not necessarily; in addition to these tech and multi-national corporations, Washington State has plenty of employment options, most notably the Boeing Company, which specializes in manufacturing and selling commercial jetliners and space equipment. Boeing alone employs 70,000 people.

Due to the state’s varied climate, Washington is one of the country’s leading agricultural regions, producing enormous fruits like apples and seafood. Located within WA is the Seattle port, which houses Alaska airlines and the world’s most famous coffee shop: Starbucks. You can also join the military, which offers plenty of civilian work both on and off-base.

Top-notch Education

Heard of the University of Washington; yeah, you’re going to want to enroll your kids here. This university, located near the seaports of Seattle, is the state’s premier research institution. It is a flagship in the country’s educational system. That’s not all. The Washington State University (different from the University of Washington) is another such research institution with 27,000 students.

The education in Washington is what it is: world-class. The state is riddled with a wide range of higher institutions offering four-year and two-year programs. Even the government is actively involved in the state’s education. In 2015, the state government cut down tuition at four-year colleges and public universities by a massive 15-20%, making college education very accessible to the masses.

If your kids are enthusiastic about college—and they should be—making a move to Washington makes perfect sense.

Affordable Statewide Housing Options

When it comes to the total number ofhousing optionsyou can have in a state, Washington takes precedence. While many states offer one significant capital and many other inferior metropolitan areas, Washington provides a sea of neighboring options that compete strategically with Seattle’s economy.

Yes, we are well aware that Seattle housing prices are on the rise; however, other areas of the state offer more affordable housing. For one, Olympia, the state capital, has housing options for families whose per capita income falls below the state average. Olympia ranks as one of the top 100 places to live in the country. It has maintained this high rank for more than half a decade.

Another option is Spokane, a city in eastern Washington near the Idaho border, which boasts numerous top-level institutions and a bubbling economy. Bellevue is a similar area for families who could afford a Seattle home but don’t want to live in Seattle. Bellingham, a town in northwestern Washington, shares a border with Canada. Tacoma, a city in west-central Washington and south of Seattle, has seven highways that connect to various cities in the state. Employment opportunities in each of these states are on the high side.

There is no writing off Washington in this aspect.

Diverse Weather

There is only one thing more diverse than Washington’s economy: its weather. Washington offers a large variety of contrasting climates. Although it rains quite often, Seattle still ranks a low 444th in annual rainfall in the country. There are wetter states.

The weather in the eastern and western wing of Washington contrasts significantly. Western Washington is noted for a mild climate, brought about by the Pacific Ocean’s coastal influence and the Olympic mountains. Whatcom County has become a favorite place for people looking to move out of the hustle of Seattle.

Eastern Washington has more snow. Cloudiness is a rarity here, as the east experiences 300 days of sunshine every year. The balance of climate diversity in Washington is heavenly; just perfect, like something out of a book.

Vast Water Bodies and Green Civilisation

With Washington State having close to 2,500 miles of marine shoreline, the state is perfect for business-minded individuals and corporates who love water-locked areas. Washington’s vast water body is attributed to Lake Washington, which runs around Mercer Island and is near Seattle.

Waterfront properties fill the state with affordable housing all around Bellingham, Oregon state line, and cities outside the Seattle area. The state’s massive water volume also allows the State-operated ferries to participate in Washington’s overall transport system. It is truly an oasis of sorts.

But that’s not all. According to numerous reports, Washington ranks top 5 for most eco-friendly states in the country. Go ahead; look at an aerial view of Washington. You will find uncountable vegetation within and around the state; this makes it very environment friendly. To buttress that point, transportation in Washington is made easy by the presence of these green habitats, one of which is cycling. This contributes to more mass transit options in the state.

Fascinating Outdoor Activities and Centers

There is quite a lot to do in Washington State on the weekends or during the holidays. The state is home to numerous tourist centers and historic national parks. Even if you lived here, it would take you a long time to get used to all the state’s massive structures.

Are you an outdoor enthusiast? Then Washington is the place to be. You can choose to visit the three national parks in the mountains, Olympic, North Cascades, and Mount Rainier National Parks which is in Pierce county -not to mention other notable spots like Discovery Park, Blake Island State Park, and Marymoor Park. You could also go on a vacation with your family to the shorelines. Washington’s water abundance makes the state an excellent place to go sailing, fishing, pleasure boating, or whale watching. During winter, you can have some fun snow skiing. The recreation options in this state are fascinating and just too numerous to count.

No Income Tax

While this sounds like something out of a dream, it is 100% true. Washington is one of only seven states in the country with no personal state income tax whatsoever. Nothing beats this, as the no income tax policy can help you save a lot more of your earnings. Keep in mind, however, that Washington has a pretty high state sales tax.

But seeing as themedian household income in Washington,$70,116, is way higher than the national average of $55,322, there is simply no reason why employees in Washington can’t have more money in their pockets.

Washington

There is no doubt about it: Washington is the place to be. With its government actively involved in the state’s development, Washington will only grow bigger economically and socially.

Joshandjolene.com has all the commercial real estate listings at your fingertips, making it a perfect site to search commercial real estate. With new listings added daily, check back often to be the first to find new investment opportunities as they become available:

Find your next commercial property in Washington State using our website. Use the filters to search by location, price, and size to find the property that fits your needs. Josh and Jolene’s listing updates will give you more information about Washington’s commercial real estate buying and selling trends. If you’re thinking of selling your commercial building or land in WA, we can help you get the best price. Josh and Jolene are redefining commercial real estate with technology, full-service, and higher-quality agents for our buyers and sellers. With new listings added daily, check back often to be amongst the first to discover new buildings and property for sale: view photos and detailed descriptions.

Washington State Recently Sold Commercial Real Estate

$2,200,000Sold915 Harris AvenueBellingham, WA 98225View Listing

$710,000Sold4063 Northwest AvenueBellingham, WA 98226View Listing

$1,300,000Sold3410 Northwest AvenueBellingham, WA 98225View Listing

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Washington State Commercial Real Estate (2024)

FAQs

What is the best website to find commercial property? ›

The Ultimate Guide to the Best Commercial Real Estate Listings Sites (2024 Update)
  • CommercialEdge.
  • Commercial Cafe.
  • CommercialSearch.
  • PropertyShark.
  • Brevitas.
  • Spacelist.
  • LoopNet.
  • CREXi.

Is Washington good for real estate? ›

Washington Real Estate Market Statistics

The sale-to-list price ratio is at 100% in 2024. Home Sales: As per January 2024 data, home sales increased by 28% YoY! In January 2023, only 5,408 homes were sold, up from 4,225 in January 2023. Average Rent Prices: Rental costs vary statewide.

What is the difference between commercial and real estate? ›

Commercial properties involve tenants that are businesses or multifamily apartments with five or more units. Residential properties are those where people live, such as single-family homes, duplexes, triplexes, or apartment buildings with four or fewer units.

What is the best search engine for commercial real estate? ›

LoopNet is one of the most recognized CRE search engines. For those more involved in multi family or residential real estate, LoopNet is often considered the Zillow of commercial real estate.

What is 42 floors? ›

42Floors Inc. provides commercial real estate services. The Company operates an online searchable database for commercial properties of available spaces, complete with photography, and crucial data about the listings.

Where is the best place to invest in real estate in Washington state? ›

Seattle and Bellevue, with their booming economies and high average rents, stand out as top choices for real estate investment. These vibrant cities offer a range of investment opportunities, from downtown apartments to suburban homes.

What is the best area to live in Washington? ›

In no particular order, the eight best places to live in Washington are:
  • Seattle.
  • Olympia.
  • Spokane.
  • Redmond.
  • Kirkland.
  • Mercer Island.
  • Walla Walla.
  • Vancouver.
Mar 28, 2024

Is it worth moving to Washington state? ›

Lack of state income tax: One of the factors that most excite people moving to Washington is the lack of a state income tax. That means less of your money is going to the government and more of it is staying on your paycheck. Moderate climate: Washington is a great option for people who don't like extreme weather.

What type of commercial property is most profitable? ›

Properties that are capable of bringing in the highest return on investments are typically those with the highest number of tenants. These commercial real estate properties can include multifamily projects, student housing, office space, self storage facilities, and mixed use buildings.

Which type of commercial property is best? ›

For example, residential vehicle parks and storage facilities offer high returns. Both allow many tenants but lack the infrastructure and maintenance requirements of a large apartment building. Some types of retail and industrial real estate can also produce great returns.

What are the five types of CRE? ›

Types of Commercial Real Estate
  • OFFICE. ...
  • INDUSTRIAL. ...
  • RETAIL. ...
  • MULTIFAMILY. ...
  • HOTEL. ...
  • MIXED-USE. ...
  • LAND. ...
  • SPECIAL PURPOSE.
Feb 29, 2024

Is commercial real estate better than stocks? ›

You should take your financial objectives into account when choosing an investment strategy. Stock investing may be a more effective approach for those wanting higher returns over a shorter period. Real estate may be ideal for those who want a stable flow of income and can wait to see a return on their investment.

What is the opposite of commercial real estate? ›

On the surface, the opposite of commercial real estate would be residential real estate. However, some residential real estate is acquired for investment purposes (as is most commercial) and some commercial is acquired for owner-use (say, a warehouse to support a family business).

What is noi in real estate? ›

Net operating income, or NOI, measures the profitability of an asset or an investment after subtracting operating expenses from income. It's often used in the commercial real estate industry to determine the profitability of investment properties such as office buildings, apartment complexes, or warehouses.

What is the best website to find properties? ›

The 7 Best Real Estate Websites of 2024
  • Best Overall: Zillow.
  • Most Accurate: Realtor.com.
  • Best Mobile App: Trulia.
  • Best for Foreclosures: Foreclosure.com.
  • Best for Renting: Apartments.com.
  • Best for For Sale By Owner: FSBO.com.
  • Best for Heroes: Homes for Heroes.

Is crexi.com legit? ›

Crexi is the most active CRE in the industry with over 500,000 commercial listings with a property total worth more than $1 trillion. Millions of users consisting of buyers, tenants, and brokers use Crexi to easily transact and lease the user-friendly platform.

What is reonomy used for? ›

Backed by artificial intelligence, the Reonomy ID can unlock the true value of your commercial real estate database by mapping all records, including those lost, to the correct source using a clear identifier, allowing you to discover new depths to the data you already have.

How to buy commercial real estate in California? ›

Property Search: Identify potential properties that meet your criteria. Due Diligence: Conduct thorough property inspections and legal checks. Negotiation: Work with experienced professionals to negotiate terms and price. Closing the Deal: Finalize the purchase with all necessary legal and financial documentation.

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