Commercial Real Estate Market in Lacey, WA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
95 active listings and 774 off-market properties in Lacey, WA. Commercial property asks $123/SF to buy and $26.00/SF/Yr to lease.
Market Trends
Lacey, WA spans 112.2 square miles in Thurston County, Washington. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Lacey, WA runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Lacey, WA runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Lacey, 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 Lacey, 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
- Civic 56.4%
- Residential 17.6%
- Industrial 6.5%
- Commercial 5.4%
- Mixed use 4.7%
- Agricultural 1%
Largest Zones share of zoned land by district
Low Density Residential
Open Space Institutional
Mcallister Geologically Sensitive Area
Moderate Density Residential
Light Industrial
Low Density Residential (LD)
It is intended to enhance the residential quality of thecityby providing a high standard of development for residential, allow a broad range of housing options and guide residential development in such manner as to encourage and plan for the availability of public services and community facilities such as utilities, police and fire protection, streets, schoo…
Market overview
Demographics & Economy
Lacey, WA has 125,046 residents in 53,549 households. Density runs 1,114 people per square mile. Median household income here is $95,592 and median gross rent $1,765 a month.
125,046
Population
53,549
Households
2.3
Avg Household Size
39
Median Age
36%
College-Educated
94%
High-School Grad
112.2 sq mi
ZIP Area
1,114
Density / Sq Mi
$95,592
Median Household Income
$51,123
Median Earnings
$1,765
Median Rent
$455,810
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Olympia | — | $18.50 |
| Tumwater | — | — |
| Dupont | — | — |
Commercial property in Lacey, WA asks $123/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Lacey?
Commercial property in Lacey, WA asks an average of $123 per square foot. The 3 most recent recorded sales traded at a median of $399/SF.
How much does it cost to lease commercial space in Lacey?
Asking lease rates in Lacey, WA average $26.00 per square foot per year.
Where does Realmo's Lacey market data come from?
Realmo compiles Lacey, WA figures from 3 recent recorded sales, 46 active sale listings, 49 active lease listings, 774 tracked off-market properties, the current Lacey zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 46 active for-sale and 49 active for-lease listings in Lacey, 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: 21,497 zoned acres across 33 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
