{"id":6380,"date":"2024-07-24T12:16:58","date_gmt":"2024-07-24T19:16:58","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6380"},"modified":"2026-07-07T13:23:27","modified_gmt":"2026-07-07T20:23:27","slug":"q2-2024-industrial-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/24\/q2-2024-industrial-market-report\/","title":{"rendered":"Q2 2024 Industrial Market Report"},"content":{"rendered":"<div id=\"pl-6380\"  class=\"panel-layout\" ><div id=\"pg-6380-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6380-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6380-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-6380\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-nw.com\/industrial\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Industrial-768x519.png\" width=\"768\" height=\"519\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Industrial-768x519.png 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Industrial-300x203.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Industrial.png 800w\" sizes=\"(max-width: 768px) 100vw, 768px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-6380-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6380-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6380-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-6380\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h3 class=\"sow-sub-headline\">\n\t\t\t\t\t\t<strong>INDUSTRIAL MARKET OVERVIEW<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-6380-0-1-1\" class=\"so-panel widget widget_sow-editor panel-last-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>Industrial markets in the Pacific NW are adjusting but remaining steady. Vacancy rates are around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but is picking up in the second. New construction is active, but the project pipeline is diminishing due to high land price expectations, stabilized rental rates, and continued high construction costs. This trend is expected to continue\u00a0 into 2025, frustrating developers and land sellers. Large land parcels are hard to find, pushing developers toward infill assemblages, land use changes, or full site redevelopment. Demand for IOS properties is slowing, and small owner-user facilities\u2019 demand is leveling off.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6380-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6380-0-2-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-6380\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Industrial.pdf\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover.webp\" width=\"396\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover.webp 396w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover-232x300.webp 232w\" sizes=\"(max-width: 396px) 100vw, 396px\" alt=\"Q2 2024 Pacific Northwest Industrial Market Report\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-6380-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-6380-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-6380\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-sub-headline\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Industrial.pdf\" >\n\t\t\t\t\t\t\t\tDownload Market Report to View More Details<\/a>\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6380-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6380-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6380-1-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"5\" ><div class=\"blueTable panel-widget-style panel-widget-style-for-6380-1-0-0\" ><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<table class=\"blueTable aligncenter\" style=\"height: 240px;width: 100%\">\n<thead>\n<tr style=\"height: 48px;border-bottom: 1px #7e8082;background-color: #009ad9;color: #ffffff\">\n<th style=\"width: 30%;height: 48px\">MARKET INDICATORS<\/th>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q1 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q4 2023<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q3 2023<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2023<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 12 Mo. Net Absorption (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(2,142,214)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(2,688,054)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(2,232,454)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(692,294)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">2,803,844<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.38%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.20%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.30%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.70%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.30%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2193\u00a0 Avg NNN Asking Rate PSF (Annual)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.82<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.85<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.83<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.84<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.60<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">11,400,000<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">6,713,709<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">7,786,821<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">6,787,358<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">8,634,108<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">360,036,235<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">355,266,605<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">354,650,713<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">352,343,906<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">350,487,030<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6380-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6380-1-1-0\" class=\"so-panel widget widget_sow-button panel-first-child\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-708a38a4b005-6380\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-nw.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW LOCAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><div id=\"panel-6380-1-1-1\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"7\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-23b98baa442f-6380\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-associates.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW NATIONAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-6380-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6380-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6380-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6380-2-1-0\" class=\"so-panel widget widget_sow-button panel-first-child panel-last-child\" data-index=\"8\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-wire-f8de89738f31-6380\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Industrial.pdf\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tCLICK FOR MORE DETAILS FROM THIS REPORT\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6380-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-6380-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Industrial markets in the Pacific NW are adjusting but remaining steady. Vacancy rates are around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but is picking up in the second. New construction is active, but the project pipeline is diminishing due to high land price expectations, stabilized rental rates, and continued high construction costs. This trend is expected to continue\u00a0 into 2025, frustrating&#8230;<\/p>\n","protected":false},"author":39,"featured_media":6473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1137,1108],"class_list":["post-6380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-market-report","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>Q2 2024 Industrial Market Report - 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\/2024\/07\/24\/q2-2024-industrial-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2024 Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"Industrial markets in the Pacific NW are adjusting but remaining steady. Vacancy rates are around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but is picking up in the second. New construction is active, but the project pipeline is diminishing due to high land price expectations, stabilized rental rates, and continued high construction costs. This trend is expected to continue\u00a0 into 2025, frustrating...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/24\/q2-2024-industrial-market-report\/\" \/>\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=\"2024-07-24T19:16:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:23:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/Industrial-Market-Report_927x624.png\" \/>\n\t<meta property=\"og:image:width\" content=\"924\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\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\\\/2024\\\/07\\\/24\\\/q2-2024-industrial-market-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/24\\\/q2-2024-industrial-market-report\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Q2 2024 Industrial Market Report\",\"datePublished\":\"2024-07-24T19:16:58+00:00\",\"dateModified\":\"2026-07-07T20:23:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/24\\\/q2-2024-industrial-market-report\\\/\"},\"wordCount\":457,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/24\\\/q2-2024-industrial-market-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2024\\\/07\\\/Industrial-Market-Report_927x624.png\",\"keywords\":[\"market report\",\"vanessa herzog\"],\"articleSection\":[\"Industrial\",\"Market Report\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/24\\\/q2-2024-industrial-market-report\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/24\\\/q2-2024-industrial-market-report\\\/\",\"name\":\"Q2 2024 Industrial Market Report - Lee &amp; 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