Commercial Real Estate Market in Olympia, WA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
222 active listings and 2,640 off-market properties in Olympia, WA. Commercial property asks $100/SF to buy and $18.50/SF/Yr to lease.
Market Trends
Olympia, WA spans 349.5 square miles in Thurston County, Washington. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Olympia, WA runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Olympia, WA runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Olympia, 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 Olympia, 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 77.1%
- Commercial 12.9%
- Mixed use 1.7%
- Industrial 1.6%
- Civic 1.4%
- Planned_development 1.2%
Largest Zones share of zoned land by district
Residential
Residential
Residential Low Impact
High Density Corridor 4
Residential
Olympia, WA zones 15,538 acres across 33 districts. Commercial zoning covers 12.9% of zoned land, residential 77.1% and industrial 1.6%. The largest single district is Residential at 45.8%. For commercial buyers the practical constraint is that only 14.5% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Olympia, WA has 238,001 residents in 102,289 households. Density runs 681 people per square mile. Median household income here is $94,098 and median gross rent $1,690 a month.
238,001
Population
102,289
Households
2.3
Avg Household Size
40
Median Age
41%
College-Educated
95%
High-School Grad
349.5 sq mi
ZIP Area
681
Density / Sq Mi
$94,098
Median Household Income
$51,950
Median Earnings
$1,690
Median Rent
$465,280
Median Home Value
Tools
Nearby Markets
Commercial property in Olympia, WA asks $100/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Olympia?
Commercial property in Olympia, WA asks an average of $100 per square foot. The 5 most recent recorded sales traded at a median of $246/SF.
How much does it cost to lease commercial space in Olympia?
Asking lease rates in Olympia, WA average $18.50 per square foot per year.
What zoning applies to commercial property in Olympia?
Olympia, WA zones 15,538 acres across 33 districts, of which 12.9% is commercial and 1.6% industrial. The largest single district is Residential at 45.8% of zoned land. Residential zoning covers 77.1% and open space 0%.
Where does Realmo's Olympia market data come from?
Realmo compiles Olympia, WA figures from 6 recent recorded sales, 137 active sale listings, 85 active lease listings, 2,640 tracked off-market properties, the current Olympia zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 137 active for-sale and 85 active for-lease listings in Olympia, 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: 15,538 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
