The apartment vacancy rate is above 8% in the Spokane area, but this percentage doesn't capture the actual experience of many multifamily property owners. In reality, the market is split here: some buildings are completely full, while others are struggling with higher vacancy. 

As the books closed on the second quarter of 2026, Spokane's commercial real estate market wasn't booming, and it wasn't breaking. It was holding. 

The first quarter of 2025 marks a new chapter for commercial real estate: one of recalibration.