Market Trends
- In the face of continued economic concerns following historically high inflation and rising interest rates, the Seattle/Puget Sound industrial market remained strong through the end of 2022.
- 2022 wrapped with a robust 12-month net absorption of 7.6 million square feet and vacancy declined 130 basis points over the year, indicating healthy demand.
- Asking rents continued to steadily rise throughout 2022 with a year-over-year increase of 6.8%.