Washington State Commercial Real Estate (2024)

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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 difference between commercial and real estate? ›

Commercial Property is another category of the real estate sector that involves properties used for generating profits rather than for residential purposes. This category includes hotels, businesses, retail stores, offices, industries, public facilities, and more.

Is Chicago good for commercial real estate? ›

With our expert property management services, you can capitalize on Chicago's strong rental market and generate steady income from your investment property. Chicago's commercial real estate market is equally promising, driven by a diverse economy that includes finance, technology, healthcare, and manufacturing.

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 noi in real estate? ›

Net operating income (NOI) is a formula that real estate professionals often use to quickly calculate the profitability of a particular investment. NOI determines the revenue and profitability of investment properties after subtracting necessary operating costs.

What is the biggest problem in commercial real estate? ›

The Housing Shortage: The lack of affordable housing is hurting businesses in high-cost markets, particularly in Southern California.

How is the commercial real estate market in Seattle? ›

Seattle Retail Market

The retail sector remains stable, and the vacancy rate stayed under 3% in King County. Elevated interest rates heavily impacted both investor and leasing demand. However, overall development expanded to its highest total since 2022.

What type of commercial real estate is the most profitable? ›

✨ Key Points from the Article:
  • Properties with a high number of tenants, such as multi-tenant retail spaces, office buildings, and storage facilities, are considered among the most profitable.
  • Each property type has its own set of advantages and challenges, necessitating thorough research and analysis.
Mar 19, 2024

Which is an example of a commercial property? ›

Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many U.S. states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.

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).

Can you live in commercial property in Florida? ›

Now, delving into the legalities, it's typically illegal to reside in a property zoned as commercial. This is often due to health and safety codes that commercial properties don't align with. However, there might be exceptions if a commercial building gets zoned for residential use through a variance process.

Which of the following are disadvantages of real estate investing? ›

Disadvantages of Real Estate Investing
  • Real Estate Investing is a Long Grind. ...
  • Real Estate Income Can Be Variable. ...
  • Real Estate Requires Maintenance. ...
  • Real Estate is Impacted by Rent Control. ...
  • Real Estate Requires Your Time. ...
  • Real Estate Transaction Costs are High. ...
  • Real Estate Income is Subject to Taxation.
Dec 16, 2023

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