By Morgan Alexander

Despite the current uncertainty in the economy, the Tacoma commercial multifamily real estate market continues to show resilience – although at a slower than typical pace. Another sign of the times is a drastic decline in new projects. Up until a year ago, one could see many construction cranes over downtown. Today there are none. And while incentives such as free rent are often used to help attract new tenants, the amount of free rent now being offered is especially noteworthy, with many offering more than two months free rent. Representing 1,524 new units, the following is a summary of recently completed multifamily projects located in and around the downtown core.

MIDTOWN

Featuring a fireside lounge, rooftop bar, and outdoor kitchen cabana, The Rook Apartments, at 1502 Fawcett Ave is filling up. The 368-unit building is sitting at a 33% vacancy rate since opening late last year. 

The Moraine, a 160 unit building at 1402 Tacoma Ave South, is slowly filling up since opening Spring of 2024 with a 56% vacancy. The Moraine features a sundeck and is pet friendly.

The Analog Tacoma at 411 S 15th St is a 115 unit building that opened March of 2023. Vacancy here is holding at a tight 6%. The Analog features a rooftop deck, retro lounge & courtyard, and is pet friendly.

The Ellis at 1909 Fawcett Ave is a 174 unit building located within walking distance to UWT. Since opening last Spring, the building is slowly filling up with a vacancy rate of 39%.

DOWNTOWN

The Astor, also known as the historic Washington Building, has been open for a few years now and is holding at a vacancy rate of 7%. Originally finished just before the Great Depression  in 1925, the Astor is the second tallest building in Tacoma 

BREWERY DISTRICT

After a rocky start, the 178 unit Jefferson Flats project at 2515 S Jefferson Ave opened in the Spring of 2024 and is sitting at a respectable 6% vacancy.

DOME DISTRICT

Cornus House located at 2502-2512 Pacific Ave opened in December 2024. The 199 unit  micro-apartment building quickly filled up and has a 7% vacancy rate

Data source: http://www.apartments.com