Report: Seattle Industrial Market Fully Recovered from Pandemic
The 2nd quarter Cushman & Wakefield market report for the Seattle industrial sector is very upbeat, concluding the region has been unaffected by the recent economic turmoil. The vacancy rate of 3.7% is down 210 basis points year over year, and is forecasted to decline further as steady demand for premium product intensifies.
Meanwhile, the Q2 absorption rate was plus 2.6 million square feet, a vast improvement from the plus 436,000 square feet a year earlier. Rents also increased in the Puget Sound region and are expected to continue to rise.
The construction pipeline is also robust, with nearly 2.8 million square feet (msf) of industrial space added so far this year, 8.4 msf are under construction and 33.3 msf are in the pipeline.
The Seattle industrial outlook from Cushman & Wakefield is positive, as rents and vacancy have returned to pre-pandemic levels and the momentum is expected to continue throughout 2022 and beyond.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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