Report: Seattle Industrial Sales Slow, but Market Remains Robust
Kidder Mathews has released its fourth-quarter report on the state of the industrial commercial real estate market in the Puget Sound region, and despite economic headwinds which caused a slowdown in sales activity, the sector remains solid. Nearly 3 million square feet of industrial space was absorbed in Q4, with regional vacancy at 3.85% and average lease rates up 2.5% to $1.11-per-square-foot per month.
Kidder reports that while the sector performed well in Q4, there are concerns. Inflation, potential layoffs, high construction costs and developer pullbacks in tertiary markets could start to have more of an impact.
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.