Seattle vacancy tightens further as absorption and rents continue positive trends
The Seattle industrial market constricted further to begin the year as vacancy fell by 30 basis points (bps) to 4.5%. Rents grew by 13.5% from a year ago, slightly outpacing last quarter’s annual growth. Net absorption ended the quarter at nearly the same level as a year ago, remaining above the five-year average. Over 1 million square feet (msf) consisting of five properties delivered this quarter, only one of which is available for lease. The biggest reduction in vacancy occurred in the Tacoma submarket, where the vacancy rate fell 560 bps.