Spokane Commercial Real Estate
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Overview of Commercial Real Estate in Spokane
Positioned along the Spokane River and nestled in the foothills of the Rocky Mountains, Spokane, Washington is the largest city in eastern Washington and a regional hub for agriculture, technology, education, healthcare, and commerce.
The center of the Spokane-Coeur d’Alene metropolitan area, the city boasts a population of 200,000 people, making it the second largest city in the Evergreen State. An important hub for agriculture and shipping, Spokane’s economy is reliant on blue collar jobs in warehouses, production, manufacturing, and logistics, but has diversified in recent years to include medical and technology sectors alongside its leading employers.
The commercial real estate market in Spokane is thriving. With an influx of new business interest, the city’s developers have responded by building thousands of square feet of new commercial real estate throughout the city. In addition, Amazon has recently invested in a 2.5 million square foot warehouse and fulfillment facility just outside the Spokane International Airport, which will add 1,500 jobs and revitalize a long defunct region of the city’s economic footprint. However, some real estate experts cite the city’s popular recreational cannabis industry for the relative lack of suitable industrial space in the area.
With countless vacancies at a median rate of $24 per square foot/year, Spokane continues to demonstrate its versatility and affordability in the commercial real estate market.
Economy of Spokane
Long held as an important hub for commerce, trade, and shipping in the region’s historically lucrative timber, mining, and agriculture industries, Spokane’s economy has begun to diversify even more dramatically than it did in the 1980s when healthcare and technology began to take hold.
Today, the majority of Spokanites are employed by the state, city, or federal government, with the exception being the Providence Sacred Heart Medical Center and Children’s Hospital, which is one of the finest healthcare providers in the nation. In the private sector, professional services, health sciences, biotechnology, technology, manufacturing, and entertainment provide a major piece of Spokane’s economic pie.
At $44,000 per year, Spokane’s median household income is well below the national average, but with the availability of modern, larger homes throughout the Spokane Valley and in nearby Couer d’Alene, many of Spokane’s highest earners commute from other parts of the area, which may contribute to the lower statistic.
Trends of Spokane
Spokane’s growth has resulted in a housing shortage that’s forced many potential home buyers to look far outside the city for available housing - let alone affordable homes. Year over year, the inventory of homes in Spokane County has dropped by nearly 30%, while home prices surged to a median price of $204,900 - up 10% from 2016.
Despite the housing deficiencies, Spokane’s job growth has been phenomenal. Up nearly 2% from 2016, future job growth is predicted to expand by 37% in the next decade, supporting the theory that the region’s population will increase by at least 15,000 people per year.
Market Stats
Spokane has 741 commercial real estate spaces for lease, representing 30,471,788 sqft space.
181 buildings are available for sale.
In the past 30 days, Spokane has had 386 spaces leased and 5 new spaces come on market.
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