02/04/2026
The commercial real estate landscape is still shifting — and while some sectors are cooling, others continue to show solid fundamentals.
Here’s what I’m watching this quarter:
📈 Office: Vacancies remain high, but late-2025 brought early signs of stabilization as conversions trimmed supply and select metros posted improving absorption. Conditions vary by city, so strategy matters.
🏬 Retail: Still tight. Limited new construction and steady demand keep availability low, especially for well-located, needs-based space. Rents remain resilient in many markets.
🏗 Industrial: Normalizing after the boom. New supply outpaced demand in 2025, pushing vacancy higher, but fundamentals remain healthy for well-located logistics assets.
🏢 Multifamily: Stabilizing. Demand is firm while the construction pipeline slows, which supports steady vacancy and sets up a healthier balance for 2026.
🏨 Hospitality: Rates and RevPAR are generally above pre-pandemic levels, though 2026 growth expectations eased late last year. Performance is highly market and segment-specific.
Bottom line: The market isn’t collapsing — it’s rebalancing. Opportunities are there, but the playbook is local, data-driven, and asset-specific.
📞 Call me if you’re considering investing, repositioning, or selling. I’ll map today’s data to your goals across Seattle, Federal Way, and Gig Harbor.
Jay Grauman, REALTOR®
253-380-3939
[email protected]
DRE # 120212
Coldwell Banker Danforth