The Commercial Brokers Association (CBA) Mid-Year 2025 Report shows Whatcom County as one of Washington’s hottest markets:
View the updated 3rd Quarter Report
- Sales Volume: Surged +181% year-over-year in Q2 2025 — the highest increase in the state.
- Number of Sales: Up +44% year-over-year.
- Multifamily: Carried the statewide market, accounting for 50.4% of Q2 sales volume.
- Industrial/Flex: Up +15% in sales volume statewide, with strong spillover demand into Whatcom’s border economy.
- Retail: Down –9% statewide, but local centers in Bellingham and Ferndale remain resilient.
- Office: Down –17% statewide, creating value plays for adaptive reuse and medical office space.
- 2025 Forecast: CBA projects $12.0B–$13.5B in statewide commercial sales volume by year-end with 2,000–2,150 total transactions.
Bellingham The Center of Whatcom County Commercial Market
Whatcom County’s growth is anchored by Bellingham, but each city has its own commercial strengths:
- Bellingham (County Seat & Largest City): The regional hub for education, healthcare, and cross-border trade. Western Washington University drives student housing and retail demand, while the waterfront redevelopment is opening new opportunities for office, industrial, and hospitality investment.
- Ferndale: With its location along I-5 and proximity to refineries and distribution centers, Ferndale is seeing growth in industrial and flex space, as well as supporting retail.
- Lynden: A fast-growing community with strong agricultural roots, Lynden offers opportunities in land, warehousing, and small retail centers.
- Blaine & Sumas (Border Towns): Border crossings make these cities strategic for industrial, logistics, and warehousing, especially with Canadian demand fueling cross-border commerce.
- Everson & Nooksack: Smaller markets but gaining interest from local services, residential support retail, and mixed-use developers.
Outlook for Investors
Whatcom County’s 181% leap in sales volume makes it one of the top-performing commercial markets in Washington.
- Multifamily & industrial assets remain the strongest sectors heading into 2026.
- Retail near Bellingham’s core continues to outperform compared to statewide averages.
- Office assets present opportunities for repositioning, particularly near the waterfront.
- Land development near Ferndale and Lynden is drawing increasing investor interest.
For investors seeking high growth markets with diverse demand drivers, Bellingham and its surrounding cities present a compelling mix of opportunity and momentum.
Search Whatcom County Commercial Properties
Explore Whatcom’s opportunities:
- Apartment Buildings in Bellingham, Ferndale, Lynden and Blaine
- Commercial Land near I-5
- Industrial & Flex Properties along the border
- Retail Buildings
