Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Puget Sound Industrial Market Sees Steady Leasing Activity
The Seattle and Puget Sound industrial market closed out 2024 with steady leasing activity, according to a recent report by Savills.
Notable transactions included Regalo International’s 337,500-square-foot renewal in Lakewood and Boeing’s new 278,937-square-foot lease in Everett. These transactions underscored the strength of key industries such as consumer goods and aerospace.
Other large deals in Q4 were Bridge Industrial’s $43.7 million acquisition of a 228,055-square-foot property and EQT Exeter Real Estate Income Trust’s $81.5 million purchase of an Amazon-leased facility.
Net absorption totaled 1.0 million square feet, a strong recovery compared to the -0.6 million square feet recorded across all of 2023. However, the delivery of 10.6 million square feet of new inventory during the year increased the vacancy rate to 9.4%, up 180 basis points year over year, as the market worked to absorb the influx of space.
Register Today to “Be in the Room” when Michael Brennan receives Connect CRE’s Lifetime Achievement Award and will participate in the Keynote Interview with Kevin Brennan, also of Brennan Investment Group. Join us at Connect Industrial Midwest 2025 on the afternoon of Wednesday, March 5, at Joe’s Live in Rosemont, IL, for this exclusive presentation!
