|
Retail
Recent Bellingham retail transactions indicate properties are selling at an average price of $191 per sq. ft., higher than Seattle’s average of $179. One reason is the volume of new space sold verses existing space. The national average is $132 per sq. ft.
The capitalization rate for retail properties in the Bellingham area is 6.11%, less than the Seattle area at 6.3%and the national average of 6.6%. |
Apartment
The average price based on current sales of Bellingham apartment properties is $111,250 per unit, higher than the national average of $91,667 per unit.
The Bellingham apartment sector has an average capitalization rate of 5.5%, higher than the Seattle average of 5.4% but lower than the national average of 6.0%.
|
|
Industrial
The fundamentals for the Bellingham area industrial market have remained relatively constant during the last quarter of 2007. The availability rate has increased slightly and the average rental rate has remained steady.
The average selling price for industrial space in the Bellingham area is $87 sq. ft., lower than the Seattle area of $115 per sq. ft. but higher than the national average of $72 per sq. ft.
Capitalization rate for the Bellingham area is 6.3%, lower than the Seattle area industrial sector of 6.5% and lower than the national average of 7.0%. |
Office
The Bellingham office market showed signs of weakening during the last Quarter of 2007. The vacancy rate is going up and net absorption has leveled off as the new construction continues. Average asking rents, however, have remained the same. Recent sales indicate that office space is selling at an average price of $191 per sq. ft., lower than the $216 per sq. ft. for Seattle but higher than the national average of $150 per sq. ft. The average capitalization rate based on current sales for Bellingham is 6.1%, more than the Seattle average of 5.5% but less thanthe national average of 6.7 %.
|