Spokane Real Estate Market Sees Significant Activity in July 2024

The Spokane real estate market has experienced a flurry of activity in July 2024, with numerous property purchases, leases, and relocations taking place across the city and surrounding areas. From retail spaces to office buildings, the diverse range of transactions reflects a robust and dynamic market in the Inland Northwest.

One of the most notable transactions involves the purchase of the Evergreen Center, a 17,400-square-foot multitenant retail building located at 8701 N. Division on Spokane’s North Side. The property was acquired by Dan and Carol McDonald of Spokane, along with 8701 Investments LLC of Mead, signaling confidence in the local retail sector.

In another significant move, Inland Medical Building LLC of Spokane has purchased an 11,100-square-foot office building at 237 E. Seventh on Spokane’s lower South Hill. This acquisition underscores the continued demand for quality office space in prime locations within the city.

Retail and Commercial Leases Indicate Market Diversity

The retail sector has seen considerable activity, with several businesses securing new leases. 509 Collective LLC, a Spokane-based dance company, has leased 5,300 square feet of retail space at the Grapetree Village commercial complex on Spokane’s South Hill. Meanwhile, Static Age Vintage LLC has leased a 2,800-square-foot retail building on North Monroe Street, expanding the city’s offerings in vintage clothing and music.

The commercial landscape is also evolving, with Comcast Corp. leasing a 3,900-square-foot retail space at the Boulevard Plaza shopping center for a new Xfinity-brand store. Additionally, Malsam Tsang Engineering Corp., a Seattle-based structural engineering company, has leased office space in the Crescent Building, marking its expansion into Spokane.

Industrial and Hospitality Sectors Show Growth

The industrial sector has not been left behind in this wave of activity. Lightning Tool & Manufacturing Inc. has leased a substantial 16,700 square feet of manufacturing space in Post Falls’ Riverbend Commerce Park, indicating growth in the region’s manufacturing capabilities. Similarly, Alpine Cleaning Spokane has relocated its operations to a newly leased 3,800-square-foot warehouse building in Spokane Valley.

In the hospitality industry, Hayden-based Latos Lakeside Inn LLC has made a significant investment by purchasing Hayden’s Inn, a 7,900-square-foot motel property with over an acre of land. This acquisition suggests ongoing confidence in the area’s tourism and accommodation sectors, despite recent economic challenges.