Overview of the Commercial and Residential
Real Estate Market in Washington
Also known as The Evergreen State, Washington comes in at number 13 in population. According to the U.S. Census, 7,061,530 people live within the state's 71,303 square miles. The state has 3,026 miles of beautiful shoreline and a median home value of $262,100. The median household income for the state is $59,478. Washington has six cities with a population of more than 100,000 and three more cities that will soon crest that population number. The largest city by far is Seattle with its 608,660 residents. The median home value in Seattle is $433,800 and the median household income is $65,277. This makes homeownership out of reach for many residents and has the homeownership rate at just 46.8 percent. More than 50 percent of the city's residents live in multi-unit structures. Spokane has the second-largest population in the state with 210,721 people. Spokane's median home value is $160,500 and its median household income is $42,092. The homeownership rate is 57 percent and 30 percent of the city's residents live in multi-unit structures.
Big news in the Emerald City is the large amount of premium office space occupied by Amazon. The electronic commerce giant is currently on track to occupy about 10 million square feet of space in downtown Seattle. That is about 25 percent of the market's total inventory of Class A office space. If it continues with plans to occupy the two-building complex built by Touchstone, it will be the highest concentration of office space held by a single company in the entire country. It will also overtake the University of Washington as Seattle's largest employer. Bank of America currently has the highest single-tenant concentration in the country with 22.7 percent of Charlotte, North Carolina's office space.
Office Rental and Executive Suites in Seattle, WA
How to Become a Realtor in Washington
The Washington Real Estate Commission operates under the State Department of Licensing. The Commission is headquartered in Olympia. It establishes the requirements for becoming a licensed real estate agent and oversees the conduct of agents and brokers throughout the state. Applicants for a real estate salesperson license must be at least 18 years old and successfully complete the Commission-approved 90 hours of real estate education. In their first year, agents must successfully complete 30 hours of the Real Estate Practices course and the mandatory 30-hour continuing education course. Those wishing to become a real estate broker in Washington must have a high school diploma or GED, and have three years of active experience as a sales agent in Washington. Active experience in a different jurisdiction may be acceptable under some circumstances. Agents must also successfully complete 90 class hours of broker education courses.