Puget Sound’s fourth quarter industrial market reflected a cautious equilibrium. Rental rate growth remained largely flat as demand focused on existing occupancies rather than expansion. Approximately 80% of executed deal volume consisted of renewals, driven by landlords aggressively pursuing early extensions to proactively manage rising vacancy. Tenants continued to leverage elevated availability and intense competition to secure meaningful concessions, including eight to twelve months of base rent abatement on 60-month renewals, often structured within the deal term. Big-box sublease space continues to slowly burn off, yet provides compelling short-term solutions for contract driven 3PL users. Meanwhile, developers delivering the newest Class A product remain firm on rate expectations, competing for a shrinking pool of tenant requirements.