Market Trends
- Overall industrial vacancy rates have climbed to 7.7%, influenced by a substantial addition of 3.2 million square feet this quarter. Despite this trend, smaller industrial properties remain stable.
- Rental rates, particularly for larger-scale spaces, have seen a slight decrease, now averaging $0.90 per square foot (psf). Premium rents in the region, especially in areas like Close-In Eastside and East King County, remain higher, at $1.64 psf and $1.60 psf respectively.
- The Federal Way/Auburn and East Pierce County submarkets currently have the highest vacancy rates, recorded at 16.4% and 13.5%, respectively. On the other hand, the lowest vacancy rates are seen in East King County and Close-In Eastside, at just 0.2% and 0.3%, respectively.