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Cushman & Wakefield Report: Seattle Industrial Market Reaches a Crossroads

Report: Seattle Industrial Market Reaches a Crossroads

The Puget Sound industrial real estate leasing market finished the fourth quarter in solid shape, with a stable 3.4% vacancy rate and 890,000 square feet of absorption, but the market has reached a crossroads. A new report from Cushman & Wakefield indicates that economic uncertainty, combined with 6.9 million square feet of space due to deliver in 2023, could potentially lead to a considerable rise in vacancy levels.

Asking rents in the region are closing in on the $1.00 mark, increasing in Q4 to $0.95 per square foot on a monthly NNN basis, a year-over-year increase of 10.5%. Prices are expected to flatten in 2023 due to a slowdown in leasing activity and large projects delivering vacant.

Cushman & Wakefield says rents and vacancy in the Seattle region have reached pre-pandemic levels, and will likely continue the momentum through 2023. Absorption is forecasted to end the year in the black, thanks to continued demand from 3PL and e-commerce occupiers.


Inside The Story

About Mark Nieto

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.

  • ◦Economy
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