Thurston County Economy 101

Well, it's January 2009, and for better or worst, we have entered a new time in our economic vitality.

In my travels around the community and various civic involvements, I am frequently asked, "how's the commercial market?"

Since entering this arena, the question has pervaded my life, and I have various levels of answers, so this morning when contemplating how I can most help my clients and friends using my knowledge of the market and research skills, I decided I would dedicate this blog to keeping everyone abreast of my observations and insights on the Thurston County commercial market.

I would like to start this ongoing process with a little description of the basic economics of this market.
Olympia is the Capitol of the State of Washington. It is home to two four-year colleges and one two-year college. Much of the state government is located in Olympia, which makes Thurston County home to its employees. We are also just south of one of the largest military installations in the country, Fort Lewis. We are 90 minutes from the Pacific Ocean and roughly 90 minutes from the Cascade mountain range. We have a stable workforce, a stable economy and high quality of life. Our values have not dropped like others, but we are feeling some of the crunch of the international economic crisis. Our unemployment rate is fairly low and fairly steady and even it has risen to 5.8 percent in the past three months.

All of that said, our home values have not dropped anywhere near the national average and our commercial real estate has slowed, but less signficantly then elsewhere. If you are a buyer looking for a deal, they are out there if you look hard and work with an agent who has your best interests at heart. If you are a tenant looking to expand or contract your space, now is the time. If you are a seller, and you can hold on. HOLD on. If you need to sell, be realistic, and your property will move, maybe even quickly.