Commercial Real Estate Market in Newcastle, WA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
10 active listings and 20 off-market properties in Newcastle, WA. Commercial property asks $1,197/SF to buy and $45.00/SF/Yr to lease.
Market Trends
Newcastle, WA spans 23.7 square miles in King County, Washington. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Newcastle, WA runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Newcastle, WA runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Newcastle, 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 Newcastle, 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 72.8%
- Open space 22.5%
- Mixed use 2.8%
- Commercial 1.9%
Largest Zones share of zoned land by district
Residential 4
Residential 6
Limited Open Space
City Open Space
Residential 1
Newcastle, WA zones 2,497 acres across 13 districts. Commercial zoning covers 1.9% of zoned land, residential 72.8% and open space 22.5%. The largest single district is Residential 4 at 40.4%. For commercial buyers the practical constraint is that only 1.9% of land carries a commercial or industrial designation.
Residential 4 (R4)
The purpose of the urban residential zone (R) is to implement comprehensive plan goals and policies for housing quality, diversity and affordability, and to efficiently use residential land, public services and energy.
Market overview
Demographics & Economy
Newcastle, WA has 78,016 residents in 30,610 households. Density runs 3,286 people per square mile. Median household income here is $122,345 and median gross rent $2,119 a month.
78,016
Population
30,610
Households
2.5
Avg Household Size
38
Median Age
48%
College-Educated
91%
High-School Grad
23.7 sq mi
ZIP Area
3,286
Density / Sq Mi
$122,345
Median Household Income
$63,416
Median Earnings
$2,119
Median Rent
$770,901
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Issaquah | — | $41.50 |
| Mercer Island | — | — |
| Renton | — | $17.92 |
| Bellevue | — | $33.42 |
Commercial property in Newcastle, WA asks $1,197/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Newcastle?
Commercial property in Newcastle, WA asks an average of $1,197 per square foot.
How much does it cost to lease commercial space in Newcastle?
Asking lease rates in Newcastle, WA average $45.00 per square foot per year.
What zoning applies to commercial property in Newcastle?
Newcastle, WA zones 2,497 acres across 13 districts, of which 1.9% is commercial and 0% industrial. The largest single district is Residential 4 at 40.4% of zoned land. The purpose of the urban residential zone (R) is to implement comprehensive plan goals and policies for housing quality, diversity and affordability, and to efficiently use residential land, public services and energy. Residential zoning covers 72.8% and open space 22.5%.
Where does Realmo's Newcastle market data come from?
Realmo compiles Newcastle, WA figures from 2 recent recorded sales, 9 active sale listings, 1 active lease listings, 20 tracked off-market properties, the current Newcastle zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 9 active for-sale and 1 active for-lease listings in Newcastle, 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: 2,497 zoned acres across 13 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
