Boeing lands one million square feet in the Puget Sound
Boeing solidified its position as the largest tenant in the Seattle/Puget Sound industrial market by leasing 1.0 million square feet (msf) at Bridge Industrial’s recently delivered Bridge Point I-5. This lease removed the largest availability in the Federal Way/Auburn submarket, decreasing the vacancy rate by 350 basis points (bps) to 9.4%. The facility is located five miles from the Port of Tacoma and offers 6,000 amps of power—double the amperage of the other buildings in Bridge Point I-5—highlighting that power remains a key concern for advanced manufacturing occupiers. The lease was the largest of the year and the biggest contributor to positive net absorption, which surpassed 1.8 msf for the quarter.