{"id":4486,"date":"2022-10-11T14:01:30","date_gmt":"2022-10-11T21:01:30","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=4486"},"modified":"2022-10-11T14:02:32","modified_gmt":"2022-10-11T21:02:32","slug":"industrial-developers-look-south-for-more-land","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2022\/10\/11\/industrial-developers-look-south-for-more-land\/","title":{"rendered":"Industrial developers look south for more land"},"content":{"rendered":"<div id=\"pl-4486\"  class=\"panel-layout\" ><div id=\"pg-4486-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-4486-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-4486-0-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-d6db24c2db75-4486\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"sow-sub-headline\">\n\t\t\t\t\t\tVanessa Herzog Discusses the South Sound Industrial Market with the Puget Sound Business Journal\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-4486-1\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-4486-1\" ><div id=\"pgc-4486-1-0\"  class=\"panel-grid-cell\" ><div class=\"panel-cell-style panel-cell-style-for-4486-1-0\" ><div id=\"panel-4486-1-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-e4c2d9f6c920-4486\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-nw.com\/vanessa-herzog\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2019\/08\/Herzog_DSC0118_Small-Swoop.jpg\" width=\"214\" height=\"300\" sizes=\"(max-width: 214px) 100vw, 214px\" title=\"Herzog_DSC0118_Small Swoop\" alt=\"Vanessa Herzog, SIOR, CCIM\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><div id=\"pgc-4486-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-4486-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p style=\"text-align: justify\"><strong>October 11, 2022 -\u00a0<\/strong>Thanks to the region\u2019s Seattle and Tacoma ports, the Puget Sound industrial market is one of the hottest in the country with lease rates that regularly rank among the most expensive.<\/p>\n<p class=\"content__segment combx paywall__content\">For example, in August lease rates at regional industrial properties were $9.14 per square foot, which is up 5.8% year-over-year and is the fourth highest in the country.<\/p>\n<p class=\"content__segment combx paywall__content\">The rates are even in higher in Seattle proper, where prices range from $1.30 to $1.50 per square foot per month, according to\u00a0<a href=\"https:\/\/www.bizjournals.com\/seattle\/search\/results?q=Vanessa%20Herzog\">Vanessa Herzog<\/a>, principal for Lee &amp; Associates. That works out to about $15 to $18 per square foot per year.<\/p>\n<p class=\"content__segment combx paywall__content\">Kent Valley, also rich in industrial real estate, isn\u2019t much cheaper. Lease prices there range from $1 to $1.30 per square foot.<\/p>\n<p class=\"content__segment combx paywall__content\">But as the close-in industrial markets fill up, the question is: Where will the next industrial hub be? Many developers and brokers say look to the south.<\/p>\n<p class=\"content__segment combx paywall__content\">\u201cSouth of Tacoma offers proximity to the California and inland markets that the Port of Tacoma predominantly serves,\u201d said\u00a0<a href=\"https:\/\/www.bizjournals.com\/seattle\/search\/results?q=Travis%20Hale\">Travis Hale<\/a>, principal at Panattoni. \u201cRight now the 50-year line is Tacoma\/Fife. For Class A development, this market will move farther south as tenants chase the labor force that supports them to Frederickson and Tumwater.\u201d<\/p>\n<p class=\"content__segment combx paywall__content\">The land in Frederickson, however, is already almost gone and rent has surged.<\/p>\n<p class=\"content__segment combx paywall__content\">\u201cOver the last year and a half, lease rates in Frederickson have grown from 50 cents per square foot to the mid-70s and 80 cents per square foot on the shell,\u201d Herzog said. \u201cThat\u2019s a huge amount of growth...\u201d<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-4486-1-1-1\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-leeassoc-f54c0409268f-4486\"\n\t\t\t\n\t\t><div class=\"leeassoc-so-btn-base ow-button-base ow-button-align-center\">\r\n\t<a href=\"https:\/\/www.bizjournals.com\/seattle\/news\/2022\/10\/11\/grow-industrial-development-moves-south.html?cx_testId=40&#038;cx_testVariant=cx_42&#038;cx_artPos=1\" class=\"sowb-button ow-icon-placement-left ow-button-hover\" \t\t>\r\n\t\t<span>\r\n\t\t\t\r\n\t\t\tRead the Full Article From the Puget Sound Business Journal\t\t<\/span>\r\n\t<\/a>\r\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>October 11, 2022 &#8211;\u00a0Thanks to the region\u2019s Seattle and Tacoma ports, the Puget Sound industrial market is one of the hottest in the country with lease rates that regularly rank among the most expensive. For example, in August lease rates at regional industrial properties were $9.14 per square foot, which is up 5.8% year-over-year and is the fourth highest in the country. The rates are even in higher in Seattle proper, where prices range from&#8230;<\/p>\n","protected":false},"author":39,"featured_media":3658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,1],"tags":[1108],"class_list":["post-4486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-media-center","tag-vanessa-herzog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Industrial developers look south for more land - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2022\/10\/11\/industrial-developers-look-south-for-more-land\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial developers look south for more land\" \/>\n<meta property=\"og:description\" content=\"October 11, 2022 -\u00a0Thanks to the region\u2019s Seattle and Tacoma ports, the Puget Sound industrial market is one of the hottest in the country with lease rates that regularly rank among the most expensive. For example, in August lease rates at regional industrial properties were $9.14 per square foot, which is up 5.8% year-over-year and is the fourth highest in the country. The rates are even in higher in Seattle proper, where prices range from...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2022\/10\/11\/industrial-developers-look-south-for-more-land\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-11T21:01:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-11T21:02:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/11\/Blog-Headers_Featured-on-PSBJ-1024x574.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2022\\\/10\\\/11\\\/industrial-developers-look-south-for-more-land\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2022\\\/10\\\/11\\\/industrial-developers-look-south-for-more-land\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Industrial developers look south for more land\",\"datePublished\":\"2022-10-11T21:01:30+00:00\",\"dateModified\":\"2022-10-11T21:02:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2022\\\/10\\\/11\\\/industrial-developers-look-south-for-more-land\\\/\"},\"wordCount\":453,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2022\\\/10\\\/11\\\/industrial-developers-look-south-for-more-land\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2021\\\/11\\\/Blog-Headers_Featured-on-PSBJ.png\",\"keywords\":[\"vanessa herzog\"],\"articleSection\":[\"Featured Industry News\",\"Media Center\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2022\\\/10\\\/11\\\/industrial-developers-look-south-for-more-land\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2022\\\/10\\\/11\\\/industrial-developers-look-south-for-more-land\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2022\\\/10\\\/11\\\/industrial-developers-look-south-for-more-land\\\/\",\"name\":\"Industrial developers look south for more land - Lee &amp; 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