Puget Sound Adding – And Leasing – More Industrial Space

Picking up where it left off in 2021, the Puget Sound area expects to see sustained growth in its industrial and commercial real estate markets. That conclusion comes from recent research authored and analyzed by Colliers.

Specifically, Colliers predicts 11 million square feet of space will be snapped up by tenants in 2022, similar to 2021’s record year, as reported in the Puget Sound Business Journal. 

Amazon, unsurprisingly, leads the area’s industrial-space investing with the now-confirmed 862,000-square-foot lease in the overall 3 million-square-foot Frederickson ONE industrial park, which is owned by Chicago-based Logistics Property Company (LPC) LLC. 

That 42-foot-clear building is slated to complete construction by the end of March 2022.

In that same Frederickson ONE park, Nordstrom has leased its own 500,000-square-foot space in Building 3. 

Notably, of all the industrial space brought to market in the fourth quarter of 2021, 91 percent of that Puget Sound-area space has been leased.