BELLINGHAM, WA (MyBellinghamNow.com) – More retail and office spaces in Bellingham are on the market.
Ryan Martin, co-owner of Pacific Continental Realty, says that total retail vacancies in the city increased by nearly 90,000 square feet between April and June. The vacancy rate rose from 3.6% in the first quarter to 4.5% in the second.
The vacancy is largely due to the bankruptcies and closures of Rite Aid and JoAnn Fabrics, which account for almost half of the increase.
Martin said Bellis Fair Mall remained relatively stable as vacancy rates rose across the rest of the city.
The most prominent changes occurred in downtown Bellingham and in the Cordata neighborhood.
The office market also saw a significant rise in vacancies, reaching a two-year high of roughly 5%, up nearly 1% from last quarter. Average asking prices for leasing retail space in Bellingham have risen by roughly a dollar per square foot.
Martin adds that this indicates continued landlord optimism, despite the rise in vacancies.
Bellingham’s industrial average asking rents and vacancies remained unchanged, which Martin said reflected a stable and well-balanced industrial sector.
