Commercial Real Estate Market in Covington, WA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
12 active listings and 77 off-market properties in Covington, WA. Commercial property asks $23/SF to buy and $35.00/SF/Yr to lease.
Market Trends
Covington, WA spans 27.8 square miles in King County, Washington. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Covington, WA runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Covington, WA runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Covington, WA runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily vacancy in Covington, WA runs 8.6% across the West region in 2025, up from 7% in 2022.
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 83.3%
- Commercial 7%
- Industrial 5.1%
- Mixed use 4.6%
Largest Zones share of zoned land by district
Medium Density Residential 6 Dwelling Units Per Acre
Low Density Residential 4 Dwelling Units Per Acre
High Density Residential 8 Dwelling Units Per Acre
Urban Separator Residential 1
Mixed Commercial
Covington, WA zones 3,784 acres across 15 districts. Commercial zoning covers 7% of zoned land, residential 83.3% and industrial 5.1%. The largest single district is Medium Density Residential 6 Dwelling Units Per Acre at 33.4%. For commercial buyers the practical constraint is that only 12.1% of land carries a commercial or industrial designation.
High Density Residential 8 Dwelling Units Per Acre (R-8)
R-4 through R-8 zone. (Ord. 10-10 § 3 (Exh. C); Ord. 06-05 § 1; Ord. 23-04 § 13; Ord. 42-02 § 2 (21A.14.220)) 18.35.220 Hazardous liquid and gas transmission pipelines. (1) Tracts and easements containing hazardous liquid and gas transmission pipelines and required setbacks from such pipelines may include the fol- lowing uses, subject to other regulations ap…
Market overview
Demographics & Economy
Covington, WA has 49,031 residents in 17,365 households. Density runs 1,765 people per square mile. Median household income here is $125,554 and median gross rent $2,121 a month.
49,031
Population
17,365
Households
2.8
Avg Household Size
39
Median Age
34%
College-Educated
93%
High-School Grad
27.8 sq mi
ZIP Area
1,765
Density / Sq Mi
$125,554
Median Household Income
$59,882
Median Earnings
$2,121
Median Rent
$613,000
Median Home Value
Tools
Frequently Asked Questions
What is the average price per square foot for commercial property in Covington?
Commercial property in Covington, WA asks an average of $23 per square foot. The 3 most recent recorded sales traded at a median of $455/SF.
How much does it cost to lease commercial space in Covington?
Asking lease rates in Covington, WA average $35.00 per square foot per year.
What zoning applies to commercial property in Covington?
Covington, WA zones 3,784 acres across 15 districts, of which 7% is commercial and 5.1% industrial. The largest single district is Medium Density Residential 6 Dwelling Units Per Acre at 33.4% of zoned land. Residential zoning covers 83.3% and open space 0%.
Where does Realmo's Covington market data come from?
Realmo compiles Covington, WA figures from 3 recent recorded sales, 4 active sale listings, 8 active lease listings, 77 tracked off-market properties, the current Covington zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 4 active for-sale and 8 active for-lease listings in Covington, WA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 3,784 zoned acres across 15 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at West region level, retail vacancy is reported at West region level and industrial vacancy is reported at West region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
