Bellingham | Whatcom & Skagit County Commercial Update
2025 Year-End Data and 2026 Outlook
Northwest Washington commercial real estate did not move quietly in 2025.
According to Commercial Brokers Association (CBA) data:
Whatcom County commercial sales volume increased 69% year-over-year.
Skagit County commercial sales volume increased 119% year-over-year.
For comparison, statewide commercial sales volume rose 43%.
Northwest Washington outperformed the state average.
That matters.
Bellingham: The Anchor Market
Bellingham remains the commercial center of Whatcom County.
When capital rotates back into Washington, Bellingham typically absorbs it first due to diversified demand drivers:
Higher education
Healthcare
Tourism
Regional manufacturing
Cross-border trade
As Bellingham commercial real estate agents working daily in the Whatcom and Skagit markets, we are seeing disciplined buyers focus heavily on multifamily apartment buildings and small industrial assets entering 2026.
Multifamily Leads the Market
Statewide, multifamily accounted for $7.05B in sales volume in 2025, growing 68% year-over-year.
That momentum is reflected locally.
Multifamily apartment buildings remain the most consistent driver of commercial activity in Bellingham and surrounding cities.
Investors are prioritizing:
Stabilized apartment buildings
Clean rent rolls
Value-add multifamily opportunities
Long-term rental demand corridors
In markets like Bellingham, Ferndale, and Lynden, supply constraints continue to support investor interest.
If you are actively looking, explore:
Whatcom County Multi-Family Buildings
Skagit County Apartment Buildings
Industrial and Flex Stay Tight
Industrial and flex properties followed multifamily statewide, with $2.68B in volume and 49% growth year-over-year.
Locally, strength is concentrated in:
Ferndale’s I-5 corridor
Blaine and Sumas border influence
Skagit County distribution and manufacturing nodes
Limited supply continues to support pricing for well-positioned industrial assets under 20,000 square feet.
Retail and Office: Selective but Active
Retail volume rose modestly statewide.
In Bellingham, performance depends heavily on location and tenant mix. Core retail corridors remain resilient, while secondary strip centers require sharper underwriting.
Office saw stabilization statewide.
Medical and professional owner-users represent the strongest segment in Northwest Washington, with selective repositioning opportunities near redevelopment zones.
Investor Outlook for 2026
The data confirms momentum.
But the 2026 environment is disciplined.
Multifamily and industrial remain priority sectors.
Land near infrastructure is drawing renewed interest.
Retail requires selectivity.
Office demands strategic repositioning.
The strongest transactions often occur before broad marketing exposure.
Who Are Commercial Real Estate Agents in Bellingham, WA?
Contact Josh – commercial real estate agent based in Bellingham, Washington.
Commercial Real Estate in Bellingham
Josh represents buyers and sellers of multifamily apartment buildings, industrial and warehouse properties, retail assets, and commercial land. He actively tracks Commercial Brokers Association sales data and regional investment trends across Northwest Washington.
If you are buying or selling commercial real estate in Bellingham, Ferndale, Lynden, Blaine, or Skagit County, contact Josh Baijot for current market insight and representation.
