4Q25 Market Report - All Properties

Breakdown, by asset type, of to-the-minute thoughts and experiences we're seeing today

‍Multifamily: Lots and lots of competing inventory on the market. Almost every buyer we talk to wants owner financing. Older, small multifamily assets (think 1960s-1980s duplexes, triplexes, etc.) are all over the market, with strong downward pressure on values. Newer product seems to set record sales prices every month.

‍Storage: Despite being overbuilt in some areas of Oregon, we are starting to see increasing rates and higher occupancy throughout the region. Existing facilities with high and stable occupancy continue to be in strong demand.

‍Retail: Still performing strong, with local and national groups alike growing store count rapidly. Wave after wave of aging brand store closures is, sadly, providing the vacancies needed to satiate demand for nimble, newer brands more in-line with consumer trends. Retail development sites with strong visibility can fetch surprisingly high values. Inline strip mall vacancies can be hard to fill, substantial listing inventory.

‍Industrial: Beginning to show some cracks, with a wave of larger assets (50k+ SF) hitting the market following tenant BKs, non-renewals, etc. Small industrial product is still strong. Can not stress enough that buyers and tenants want: loading docks, yard space, and HVAC!

‍Office: We have yet to see any meaningful improvement in any segment of the office market. Municipalities, non-profits, and owner-user companies have driven most, if not all, of the sales activity, with some limited leasing activity.

‍Land: With few exceptions, the land market has slowed to a halt. Except for one-off entitled development sites, finished lots, or similar, it's a race to the bottom for values for owners that need to sell. While we aren't yet seeing distress in the market, it requires exceptional marketing and creative ideas to sell nearly any asset today. We're leaning heavily into alternatives, especially real property auctions.