We hear a lot about the housing market in Seattle but did you know that commercial real estate has also seen a slump? According to the Seattle Times  there will be more than 2 million square feet of new office space coming available in the downtown core by next year. That’s going to impact commercial property significantly.

Right now from a sellers perspective if you are planning to sell commercial real estate now’s the time to do it before prices take a bigger hit. If you’re looking to buy some commercial property you’re entering the market at the right time. There’s some great deals to be found.

Perhaps commercial property is going to follow the trend of the local housing market, which declined 4.8% in the past year. That said, that’s an awful lot better than the 15.3% national average.

As housing prices continued to slump throughout the country Seattle actually started to see a slight increase so if you’ve been contemplating buying in the area there’s some great buys to be found right now. Although there was a slight increase recently it’s not enough to believe a trend is starting.

Commercial property may see some improvement if Microsoft actually buys up the amount of square footage they’ve been looking at that might cause a bit of a turn around and see prices steady or perhaps even start to climb, but from a buyers perspective why wait. Why not put your offer in and get a bargain while there’s still bargains to be had.