BELLINGHAM, WA (MyBellinghamNow.com) – A recent report reveals that commercial real estate vacancies in downtown Bellingham have increased over the summer, despite steady demand for retail space throughout the rest of the city.
According to Ryan Martin, co-owner of Pacific Continental Realty, retail space vacancies in Bellingham have slightly decreased from the previous quarter, indicating a generally positive market for buyers and retailers. However, downtown Bellingham’s retail vacancy rate currently stands at 8.4%, which is nearly three times higher than the citywide average.
Martin highlighted that businesses near Meridian are experiencing the highest demand for retail space, while the Bellis Fair mall has maintained a stable occupancy. He noted that the recent transition of a prominent homeless shelter, the Lighthouse Mission, to a new facility has likely influenced the vacancy rates in downtown Bellingham. “The largest impact is probably that the Lighthouse Mission is still downtown. I know they opened a new one, but it takes time for people to move and vacate,” Martin explained.
On a brighter note, demand for office space across the city has shown positive trends, with overall increases in occupancy. However, downtown Bellingham continues to face challenges, leading landlords to lower asking rates in an effort to attract tenants.
Looking ahead, Martin expressed optimism regarding the local real estate market, citing the Federal Reserve’s recent rate cut as a potential boon for downtown Bellingham’s commercial landscape.
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