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Seattle & Northwest  + Seattle  + Industrial  | 
Port of Seattle

Seattle Industrial Market is “White Hot”

With the post-pandemic labor force nearing full recovery in the Seattle area, the industrial market is soaring, according to a Cushman & Wakefield report. The region reached nearly 2.1 million jobs in the first quarter of 2022 with an unemployment rate of 3.9%.

Meanwhile, the industrial market is “white hot” according to Cushman and Wakefield experts. The vacancy rate stands at 4.2% in Q1, down 130 basis points year-over-year, and expected to drop even more as demand intensifies. Absorption numbers in the first quarter saw a huge improvement from a year ago, with major help from the delivery of 700,000 square feet of new space.

Rental rates also jumped, increasing an average of $0.94 per square feet, but activity continued to be robust with nearly 5.7 million square feet leased from companies like Floor & Decor and Samsung. Cushman & Wakefield expects the Puget Sound industrial market to continue its momentum throughout 2022 and beyond.

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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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