Market Trends
- Despite a decline in rents for largescale spaces, smaller-sized industrial properties, are maintaining stability. Additionally, landlords are opting to defer proposals for the demising of spaces exceeding 100K square feet (sf), instead choosing to hold out for and anticipate single, larger tenants.
- In the third quarter, the Seattle/Puget Sound market saw the addition of 0.9 million square feet (msf) of new construction. Presently, there is an upcoming development pipeline comprising approximately 5.6 msf of speculative space and 0.8 msf of build-to-suit space.
- The Federal Way/Auburn and Central Seattle submarkets are experiencing the highest vacancy rates, standing at 12.8% and 12.1%, respectively. In contrast, the East King County and Close-In Eastside submarkets have the lowest vacancy rates, with just 0.2% and 0.3%, respectively.