CBA’s OFFICE CLOSED EARLY FOR THANKSGIVING
NOVEMBER 17, 2021
To allow our staff to enjoy the holiday with family both near and far, our office will close at 1 p.m. on Wednesday, November 24th. We will reopen at 8 a.m. on Monday, November 29th.
We’re grateful for your continued support and wish you a day filled with abundance and good cheer!
GET READY TO MANAGE YOUR LISTINGS IN OUR NEW PLATFORM!
NOVEMBER 17, 2021
Phase 2 of our new listings and search platform will be available to all our members beginning Monday, December 6th!
Starting December 6th, all members will manage their listings on the new platform. The legacy listings management tool will be retired on that date and will no longer be available.
In preparation for the transition, we are offering weekly webinar training. We strongly encourage you to take advantage of hands-on training and tutorials to ensure your transition to managing your listings on the new platform is as smooth as possible. If you cannot attend a training webinar, please make sure to watch our training video.
2021 NAIOPWA NIGHT OF THE STARS WINNERS ANNOUNCED
Winners highlight creative approaches to land use, community support, and more
NOVEMBER 8, 2021
Presented on Friday night at the NAIOPWA 2021 Night of the Stars Gala, the awards honored an impressive slate of commercial real estate projects that serve the community with innovations in retail, office, industrial and multi-family development.
CONGRATULATIONS TO THE FOLLOWING CBA MEMBERS NAMED SIOR BROKERS OF THE YEAR!
Industrial Broker of the Year
Arie Salomon, NAI Puget Sound Properties
Matt Wood, KBC Advisors
Matt McGregor, Colliers International
Investment Broker of the Year
Tom Pehl, CBRE
Eli Hanacek, CBRE
Office Broker of the Year
Michael Dash, CBRE
NOW AVAILABLE: CBA'S CMA SALES Q3 2021 COMMERCIAL PROPERTY SALES REPORT/YEAR-TO-DATE STATISTICS
NOVEMBER 3, 2021
The market for commercial property and investment sales in Washington state turned white-hot in Q3 2021. The dollar volume of sales more than tripled, and the number of transactions surged 133% from the prior quarter. If this trend continues through Q4, 2021 will set a new annual record for CRE sales, eclipsing the record set in 2019 that was fueled by the rush to close deals prior to the increase in Washington’s Real Estate Excise Tax (REET).
SUMMARY HIGHLIGHTS OF Q3 2021:
- Despite the economic difficulties associated with COVID-19, investors’ appetite for commercial properties in Washington remains extremely high given the robust and diverse economy in Washington, especially compared to other parts of the USA.
- With $8.35B in sales volume, Q3 2021 was the highest of any since the record-breaking Q4 2019.
- The market had a boom in large transactions with 22 sales exceeding $100 million. During the first and second quarters combined, there had only been eight sales exceeding that amount.
- Year to date, every county and every asset class has more than doubled sales volumes compared to the same period last year.
CBA's Commercial Market Analysis (CMA) Sales Report analyzes quarterly economic and commercial real estate sales activity and trends at the market and submarket levels. We are pleased to offer this detailed analysis and report for your use and interpretation.
CONGRATULATIONS TO PSBJ'S POWER 100 HONOREES!
OCTOBER 19, 2021
The Puget Sound Business Journal recently announced their 2021 Power 100 Honorees, including CBA Members Beth Halvorsen and Alison Beddard.
Beth Halvorsen was named executive managing director of Colliers International in 2020. Colliers is the region's fifth-largest agency based on the number of brokers. Halvorsen has more than 30 years of leadership and business development experience. For five years she led property management in the Pacific Northwest for CBRE, where she fostered relationships with the firm’s institutional clients.
Alison Beddard was named Cushman & Wakefield's new managing principal of operations for Washington state in January. She oversees the Seattle and Bellevue markets. Beddard, who began her career as a broker with Cushman & Wakefield in 2005, was the company's managing principal for Utah.
NEW! MASTER CBA'S LEGAL LIBRARY PRO ONLINE PLATFORM AND GET CE CREDIT
OCTOBER 5, 2021
OUR 24/7 ONLINE, ON-DEMAND CLASS FOR CBA MEMBERS ONLY: Learn how to use CBA's Legal Library Pro online platform and earn continuing education clock hours in the process. Normally $65, CBA members enjoy a significant discount and can earn three credit hours for only $20!
Developed by top commercial real estate experts, Legal Library PRO's contracts are recognized as the industry standard and are the fastest and easiest way to close a deal. CBA members can instantly access and edit any of Legal Library PRO's 100+ copyrighted contracts and forms for Washington and Idaho. Forms include Purchase and Sale Agreements for Commercial Properties as well as Business Opportunities and Lease Agreements.
NEW REVISIONS TO CBA’S PURCHASE & SALE AGREEMENT
SEPTEMBER 15, 2021
In response to member feedback to our Form PS_1A Commercial & Investment Real Estate Purchase & Sale Agreement (Rev. 7/2020), we have released an updated PS_1A (Rev. 9/2021). The new revisions address the insurance requirement in section 23 and are currently available in Legal Library PRO.
REMINDER: WE'VE GOT A NEW ADDRESS
September 8, 2021
We’re excited to announce that CBA has moved to a new office in the Northview Center!
Our new address is:
20700 44th Ave. W., Suite 550
Lynnwood, WA 98036
Please be sure to update our contact information for billing purposes. All other CBA contact information, including phone numbers and email addresses, will remain the same.
We can’t wait to host our members and plan to have an open house later in the fall. But for now, please be sure to call first to schedule an appointment if you need to visit us in person.
We’ll see you in Lynnwood!
NOW AVAILABLE: UPDATED SELLER & DISCLOSURE ACT FORMS 17 & 17C
AUGUST 11, 2021
Due to Washington state legislation that will become effective January 1, 2022, we have made revisions to Forms 17 and 17C. The revised forms are now published to our Legal Library PRO.
Please note that the legislation that mandates changes to Form 17 is not effective until January 1, 2022. This means that sellers with active listings, who have already filled out Form 17, do not have to fill out a new form. However, sellers listing property after the revised forms are published (August 16th), should use the revised form so that the seller will not have to fill out a new form if the property is still on the market on January 1, 2022.
House Bill 1064, effective January 1, 2022, adds a new question to Section 5 of the Seller Disclosure Statement – Improved Property (Form 17). The new question asks the seller “Does the property currently have internet service?” If the answer is yes, the form also asks the seller for the “provider” of the internet service.
House Bill 1335, effective January 1, 2022, adds the following “Notice to Buyer” to Section 1 of Form 17 with regard to unlawful covenants or deed restrictions: “Covenants or deed restrictions based on race, creed, sexual orientation, or other protected class were voided by RCW 49.60.224 and are unenforceable. Washington law allows for the illegal language to be struck by bringing an action in superior court or by the free recording of a restrictive covenant modification document. Many county auditor websites provide a short form with instructions on this process.”
Although not required by the statute, the revised Seller Disclosure Statement – Unimproved Property (Form 17C) will also contain the same notice language.