Tacoma Commercial and Office Space Overview
A critical port city in the Puget Sound area, Tacoma’s economic future was secured with the determination that it be the western termination for the Northern Pacific Railroad in the late 19th century. While industry and timber have waned in recent decades, Tacoma’s economy has flourished post-recession, building upon impressive investment progress made in the 1990s.
Thanks to its proximity to Seattle, moderate costs of living, and an aggressive investment in revitalization of the city’s downtown core in the ‘90s, Tacoma is routinely referred to as one of the most livable cities in the United States. Furthermore, the city’s deep roots in industry, shipping, and education make it a viable market for business development and the commercial real estate market reflects that trend. Over 100 available properties are listed in Tacoma with a median rate per square foot/year resting comfortably at $26.
Economy of Tacoma
With a median household income of $51,000 per year, Tacoma is just below the national average, but job growth is projected to continue steady growth over the next ten years or more. A history of manufacturing continues in Tacoma, where nearly 10% of the population is employed. Other leaders are in retail, educational services, construction, healthcare, and public administration, with companies such as Roman Meal, Brown and Haley, True Blue Inc., and Simpson calling the city home.
Joint Base Lewis-McChord operates near Tacoma and employs a considerable portion of the city’s population. A combination of the U.S. Army and Air Force, Lewis-McChord is a primary training and mobilization center and is the only Army power projection base on the west coast.
Trends of Tacoma
Much like its neighbor to the north, Tacoma has become known as a so-called “crane city” thanks to its prevalent construction in recent years. Including a major Convention Center area revitalization, Tacoma is slated to open more than 2,000 multifamily units within the next two years. On the commercial real estate front, Tacoma will be home to more than 3.9 million square feet of industrial space in the Tideflats region around the Port of Tacoma.
Thanks to this massive expansion, city officials cite Tacoma’s dawning emergence as a greater business facilitator as a sign of improvement and growth found elsewhere throughout the Puget Sound region.
