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Seattle & Northwest  + Seattle  + Industrial  | 

There is Optimism for the Remainder of 2021

The Puget Sound Economic Forecaster’s March 2021 report pegged 2021 employment growth at 1.7 percent, unchanged from the prior estimate. This growth is encouraging despite the expected loss of nearly 8,000 jobs in the aerospace segment.

The Forecaster expects this growth to be stagnant during the first few months as shortages in the supply chain will disrupt production in the near term, but this should improve later on. The periodic struggles of vaccinating as many people as possible has hampered things as well. Once these issues are resolved, the Forecaster expects more employment growth in the second and third quarters, according to a recent industrial report by Kidder Mathews.

Demand for large logistics users continues and Amazon remains active in space searches.

Port volumes are improving as well. The Northwest Seaport Alliance reports that February 2021 volumes grew by 1 percent compared to February 2020. Breakbulk year-to-date February 2021 cargo volumes grew 28.8 percent while auto volumes were down 14.1 percent.

For the real estate market, Kidder expects industrial to continue to perform well, with a regional net absorption at nearly 1.6 million square feet this quarter. Another 5.6 million square feet has been leased with move-ins anticipated in the next nine months. Of the nearly 10 million square feet of construction, about one-third is pre-leased.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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