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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.
- ◦Economy
