Bellingham’s commercial real estate market receives mixed report card for 2023 – 790 KGMI | News Talk Radio

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BELLINGHAM, WA. – ( Commercial real estate showed some improvement in 2023 as it continued to recover from the effects of the pandemic.

Pacific Continental Realty co-owner and broker Ryan Martin says a bright spot in retail is Bellis Fair Mall.

Buy/sell, rent/lease residential &
commercials real estate properties.

He credits the mall’s new owners with bringing new energy and creativity in attracting new ventures like pickleball courts, a Bellingham library branch location and the Ruckus Room arcade.

“I think they’re taking a different approach than the previous owner,” Martin said.

Meanwhile, retail vacancies are up downtown as we enter the new year.

Martin attributes some of that to social issues that affect traffic to the area but says there’s hope that it can bounce back.

A shortage of industrial space coupled with demand caused a sharp jump in the asking price for what little was available.

Office space vacancies were down over the year but asking rates also retreated a bit in that sector.

Martin says they’re hoping for some relief on interest rates from the Federal Reserve to give the industry a boost in 2024.

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