Seattle Ranked Among Top Port, Industrial Markets by Cushman & Wakefield

As the industry sees a recent decrease in imports and a softening of the economy, port-proximate U.S. industrial real estate markets, like Seattle, remain some of the strongest markets across the country, according to a new report by Cushman & Wakefield.

Port regions are commanding some of the highest rents and boasting tight vacancy rates. While ports across North America have seen a decline in volumes, there is new industrial supply under construction totaling 2.3 million square feet. Seattle’s market experienced net losses in the first half of 2023, with a vacancy rate of 3.5 percent.

Strikes in both Canada and on the West Coast caused significant delays and supply chain issues. Despite these challenges, annual U.S. imports are expected to finish 3 percent higher than in 2019. Even in the face of economic softening, port industrial markets are normalizing but remaining tight, with modest rent growth expected.