BELLINGHAM, Wash. – Strong demand brought the retail space vacancy rate down in Bellingham during the first three months of 2023.

Pacific Continental Realty co-owner Ryan Martin reports that during the first quarter the lease rate was the highest and the vacancy rate the lowest they have been in two years.

He partially credits a shift toward activity-based retail tenants.

An alternative high school, an airsoft gaming room, and a children’s play and party area are some of those types of tenants that have leased space in Bellis Fair Mall.

A lack of industrial space has left just a few specialized facilities available, while work-from-home has contributed to an upward trend in office space vacancies.