Four High-Growth Western Washington Locations for Businesses
Western Washington is a fantastic place to invest in commercial property. With plentiful tech jobs and an abundance of outdoor activities, the population is growing more than twice as fast as the nation as a whole.
However, not all locations in Western Washington are equal when it comes to commercial property investment or retail location. Ambitious professionals buying homes are causing property values to increase more in some cities than others. By the same turn, people looking to escape city life are more likely to seek a small town that’s still fairly close to city amenities.
If you’re looking to invest in commercial property or grow a business, these four locations are a good place to start.
Kirkland is far more than the namesake of Costco’s Kirkland Signature brand. This Eastside Seattle suburb grew a stunning 11% between 2010 and 2018, according to recent population estimates by the United States Census Bureau. The population is becoming younger and more diverse as millennials flock to local tech opportunities.
Once known for being the location of Costco’s headquarters, the city now has a Google campus and several other high-tech firms. Kirkland also benefits from being next door to Redmond, the home of Microsoft, as well as Bellevue and Seattle.
Numerous commercial and residential development projects have sprouted up in the past few years, including the Totem Lake Mall redevelopment and other mixed-use redevelopments downtown. With plentiful good jobs, a large waterfront area, and a beautiful downtown full of restaurants and art galleries, it’s no wonder Kirkland is growing.
Businesses who can benefit from the thriving tech scene or desire an attractive waterfront location should strongly consider commercial property investment in Kirkland. This may also be a good place for businesses marketing to younger professionals and families.
Sammamish is known for being safe, beautiful, and close to nature. Home prices are high, but so are incomes. This family-friendly suburb is close to tech hubs Redmond and Bellevue, making it quite popular among Microsoft and Amazon families who want more open space.
One of the main attractions to Sammamish is the bountiful outdoor activities. The city includes 14 parks and preserves, as well as access to many more in nearby suburbs like Issaquah. Lake Sammamish is a favorite spot for water recreation, like kayaking and paddleboarding.
The local arts commission maintains a busy schedule of summer exhibitions. Sammamish residents also enjoy excellent eateries like Radcliffe Steak and Seafood and Pine Lake Ale House.
If your business’s target market is upper-middle-income families, Sammamish is the place to be. A commercial property investment here is sure to pay off.
Covington has seen a 5% increase in median home prices in the past year, which suggests the area is in demand for people looking to settle down. This spread-out suburb allows residents to enjoy some extra space while still being within commuting distance from Kent, Tacoma, and Seattle. With plenty of coffee shops and parks, Covington is very livable for both families and young professionals.
This small community is only 6.5 square miles, but it serves as a retail trade area for about 100,000 people in four zip codes, according to its government website. Large chains include a relatively new Walmart, Kohl’s, Costco, and Home Depot. The city also has several healthcare centers and numerous restaurants.
As a quiet suburb and shopping destination, Covington could be a great place to invest in commercial property for retail. Any business whose target market includes families and working professionals would benefit from this location.
Tacoma has something for everyone, especially commercial property investors and new businesses. It’s estimated that one in 10 startups in Washington begins in Pierce County. As they grow, many of these businesses will be looking for more space in the city, making it a good location for commercial property investment.
With many former Seattleites fleeing eye-popping housing costs, Tacoma has been seeing an influx of both renters and homebuyers. This population growth has been driving up the value of commercial property enormously fast. Last year, rents in central Tacoma went up 7%, and the trend is expected to continue.
Of course, Tacoma isn’t just a comparison point for Seattle. As a medium-sized city and county seat, Tacoma is extremely livable in its own right. The city boasts several major concert venues, some incredible coffee shops, museums, restaurants, and proximity to the SeaTac airport. There’s also a thriving community of young artists and musicians.
All of this makes Tacoma a fantastic place to invest in commercial property, whether that’s an apartment complex to rent out or restaurants and shopping for all the new residents.
Make sure your commercial property investment pays off
No matter where you buy commercial property, you will need to put in some additional work to increase or even just maintain its value. Every business property will eventually need some maintenance.
A full-service general contractor can help you improve the value of your commercial property, or prepare for your new business opening. They can suggest ways to improve your property value, determine which remodels are worth the cost, handle logistics with subcontractors, and oversee the entire project so you don’t have to worry about it. They can also help you meet the unique needs of tenants.
CPM has established a prominent reputation in the Pacific Northwest for providing exceptional service at an outstanding value. We help with commercial property maintenance projects, new construction, tenant improvements, and more. Contact us today to learn more about our commercial property solutions.