Market Trends
- Industrial vacancy rates have risen to 8.6%, driven by the delivery of 1.2 million square feet (msf) of new construction this quarter. Concurrently, net absorption decreased to -1.3 msf.
- The Federal Way/Auburn and East Pierce County submarkets currently exhibit the highest vacancy rates, at 15.9% and 15.7%, respectively. Conversely, the lowest vacancy rates are found in Close-In Eastside and East King County, at 0.3% and 1.1%, respectively.
- Class A rental rates are now $0.97 per square foot (psf), slightly above the overall rate of $0.96. In contrast, areas like Close-In Eastside and East King County consistently command higher rates, at $1.64 and $1.60 psf respectively.