Market Trends
- Following the delivery of 2.0 million square feet (msf) of new product, vacancy inched up 20 basis points in the Seattle/Puget Sound industrial market during Q2 2022 but remains down 90 basis points year over year.
- Despite growing recession fears, demand remains strong with year-to-date net absorption totaling 3.1 msf, well ahead of the 1.7 msf recorded during the first half of 2021.
- Pricing continues to skyrocket as landlords retain leverage for now, with asking rental rates climbing 26.4% over the past 12 months.