WHATCOM COUNTY, WA (MyBellinghamNow.com) – Commercial properties are seeing new tenants across Bellingham – just not in its primary retail zone.
That’s according to Ryan Martin, co-owner of Pacific Continental Realty, in a recently released commercial sales report for Q3 in Bellingham.
He says that while retail vacancies saw a slight dip in other parts of the city, the downtown sector’s rate of empty spaces rose 12.1%. That’s twice as high as the citywide vacancy rate of 5.8%.
Three businesses closed around Bellingham in September, one of which was in downtown Bellingham.
Martin added that relief could be on the horizon for potential leasees in the form of lower rental prices.
Asking rates for commercial rental properties in Bellingham dipped about 2% between Q2 and Q3.
Summer home sales slow slightly in Whatcom County
Homes took a bit longer to sell over the summer in Whatcom County.
Peter Ahn, a broker with NextHome Northwest Living in Bellingham, says that was the biggest takeaway from his Q3 home sales report for the county.
He says that, on average, homes stayed on the market for a week longer in Q3 than in Q2.
Prices didn’t budge much, with the county’s home sale average hovering around $633,000.
And while Bellingham saw an uptick in the total number of homes sold, most other parts of the county saw a decline in home sales.
Ahn notes that a recent increase in mortgage rates may impact sales in the last three months of the year, but adds that the overall market has remained stable despite global turmoil.
