The Commercial Brokers Association (CBA) Q3 2025 Report shows Whatcom County continuing to rank among Washington’s strongest markets.
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Sales Volume: Up +155% year over year, one of the largest gains in the state.
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Number of Sales: Up +10% year over year.
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Multifamily: Led all asset classes, accounting for 57% of statewide Q3 sales volume and up +143% from Q2.
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Industrial/Flex: Up +31% statewide, marking its sixth growth quarter in seven.
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Retail: Down –26% statewide, but local Bellingham and Ferndale centers remain stable.
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Office: Up +33% statewide as activity returned above the half-billion-dollar mark for the first time since 2022.
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2025 Forecast: CBA projects $16B in total commercial sales volume by year-end — the strongest annual performance since 2016.
Bellingham – The Center of Whatcom County’s Commercial Market
Whatcom County’s momentum is anchored by Bellingham, but every city plays a role in the region’s growth.
Bellingham (County Seat & Largest City)
The regional hub for education, healthcare, and cross-border trade. Western Washington University continues to drive student housing and retail demand, while the waterfront redevelopment is unlocking new opportunities in office, industrial, and hospitality sectors.
↳ Bellingham Commercial Real Estate
↳ Bellingham Multifamily
Ferndale
Positioned along I-5 and close to refinery and logistics operations, Ferndale remains a hot spot for industrial and flex space. Supporting retail is expanding to serve its growing workforce.
↳ Ferndale Commercial Real Estate
Lynden
With deep agricultural roots and strong population growth, Lynden is attracting land and warehouse buyers as well as small-scale retail investors.
↳ Lynden Commercial Real Estate
Blaine
Border crossings continue to fuel industrial and warehousing activity, supported by Canadian trade and logistics demand. Waterfront and industrial properties remain active.
↳ Blaine Commercial Real Estate
Outlook for Investors
Whatcom County’s 155% jump in sales volume confirms its position as one of Washington’s top commercial markets heading into 2026.
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Multifamily and industrial remain the strongest investment sectors.
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Retail in central Bellingham continues to outperform statewide trends.
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Office properties near the waterfront present adaptive-reuse opportunities.
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Land near Ferndale and Lynden is drawing developers targeting future industrial and residential projects.
With balanced growth, strong rental fundamentals, and diverse demand drivers, Bellingham and its surrounding cities remain among the state’s most compelling markets for investors seeking stable returns and long-term upside.
Hi! I’m Jolene Baijot, local real estate agent in Bellingham, Whatcom and Skagit Counties.
Backed by one of the area’s most visited local real estate websites, Josh and I help buyers and sellers navigate the market with confidence.
