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Nearly $40M in Sales for 3 Buildings in Olympia’s Downtown Core

Nearly $40M in Sales for 3 Buildings in Olympia’s Downtown Core

Kidder Mathews brokered three building sales in Olympia’s downtown core, totaling nearly $40 million. This demonstrates the increasing interest from investors and developers in the Thurston County suburban market, due largely to the attractive pricing in the market, the Opportunity Zone in downtown Olympia, and great access to Olympic Peninsula and Puget Sound.

As workers have more flexibility with the increased opportunity to work remote, people are moving out of large cities and the businesses are following, creating increase demand for investments in smaller markets like Olympia and mixed-use projects are soaring based on demand for housing.

Thurston County’s office market has been steadily gaining strength in recent years. According to Kidder Mathews research and CoStar, in 2021, total vacancy was 2.6%, just below its pre-pandemic rate of 2.4% in 2019. Occupancy has increased dramatically over the past decade, up more than 9% since 2012.

“The suburbs are buzzing. Businesses and people are moving here, and we are seeing a big increase of interest in downtown Olympia based on demand for more affordable housing and opportunity zone,” said Kidder Mathews Vice President Amy Evans.

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