{"id":6499,"date":"2024-07-25T14:43:05","date_gmt":"2024-07-25T21:43:05","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6499"},"modified":"2026-07-07T13:22:56","modified_gmt":"2026-07-07T20:22:56","slug":"q2-2024-expanded-puget-sound-industrial-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-expanded-puget-sound-industrial-market-report\/","title":{"rendered":"Q2 2024 Expanded Puget Sound Industrial Market Report"},"content":{"rendered":"
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\n\t\t\t\t\t\tINDUSTRIAL MARKET OVERVIEW<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div>
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This report covers the primary developed areas of Snohomish through Thurston County. Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 6% in the 4-county region. Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted projects, but the regional project pipeline is diminishing, not due to demand, but due to high land price expectation, stabilized rental rates and continued high costs of new construction. We think this trend will continue well into 2025 leaving Developers and Land Sellers frustrated. Regionally, large land parcels are difficult to find or assemble, leaving Developers looking at infill assemblages, land use changes or full site redevelopment. IOS specialized properties are slowing in demand from Tenants. Finally, we are seeing the small owner user facilities for sale or lease, and the demand from this user group level off.<\/p>\n<\/div>\n<\/div><\/div><\/div>

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\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>
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\n\t\t\t\n\t\t\t\"Sales\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div>
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\n\t\t\t\n\t\t\t\"Vacancy\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div>
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\u25b2<\/td>\n(2,139,154) SF<\/strong>
\n12 Month Net Absorption<\/td>\n<\/tr>\n
\u25bc<\/td>\n5.96%<\/strong>
\nVacancy Rate<\/td>\n<\/tr>\n
\u25b2<\/td>\n11,436,679 SF<\/strong>
\nUnder Construction
\n(Details on Page 7 of Report)<\/td>\n<\/tr>\n
\u25b2<\/td>\n368,605,988 SF<\/strong>
\nInventory SF<\/td>\n<\/tr>\n
\u25b2<\/td>\n$16.19 PSF<\/strong>
\nAverage Market Rent \/ SF<\/td>\n<\/tr>\n
\u25bc<\/td>\n$549,944,193<\/strong>
\n12 Month Sales Volume<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div>
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\n\t\t\t\n\t\t\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>
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<\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

This report covers the primary developed areas of Snohomish through Thurston County. Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 6% in the 4-county region. Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted projects, but the regional project pipeline is diminishing, not due to demand, but due to…<\/p>\n","protected":false},"author":39,"featured_media":6500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1137],"class_list":["post-6499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-market-report"],"yoast_head":"\nQ2 2024 Expanded Puget Sound Industrial Market Report - Lee & 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\/25\/q2-2024-expanded-puget-sound-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 Expanded Puget Sound Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"This report covers the primary developed areas of Snohomish through Thurston County. Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 6% in the 4-county region. Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. 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