{"id":6501,"date":"2024-03-25T14:06:52","date_gmt":"2024-03-25T21:06:52","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6501"},"modified":"2026-07-07T13:23:50","modified_gmt":"2026-07-07T20:23:50","slug":"q1-2024-industrial-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/03\/25\/q1-2024-industrial-market-report\/","title":{"rendered":"Q1 2024 Industrial Market Report"},"content":{"rendered":"<div id=\"pl-6501\"  class=\"panel-layout\" ><div id=\"pg-6501-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6501-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6501-0-0-0\" 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-dbf295114b96-6501\"\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-6501-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6501-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6501-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-6501\"\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-6501-0-1-1\" 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>After a fairly rough end to 2023 Q1 continues to present problems for the general market recovery that was anticipated to begin in 2024. We have continued to see the contraction of companies that grew during Covid as well as deliveries of new construction. Combined, the overall vacancy rates climbed nearly 3% year over year. There is a silver lining in that we continue to see rents increase overall with some increased concessions, but general market growth remains intact. Leasing velocity has experienced little change from last year but should improve as interest rates begin to decline, allowing both owners and occupiers to access more capital.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6501-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6501-0-2-0\" 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-dbf295114b96-6501\"\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-Q1-Pacific-Northwest-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\/Cover-Image.webp\" width=\"396\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/Cover-Image.webp 396w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/Cover-Image-232x300.webp 232w\" sizes=\"(max-width: 396px) 100vw, 396px\" title=\"Cover Image\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-6501-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-6501-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-6501\"\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-Q1-Pacific-Northwest-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-6501-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6501-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6501-1-0-0\" 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-6501-1-0-0\" ><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: 179px;width: 100.133%\">\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>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<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q1 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\">\u2193 12 Mo. Net Absorption (SF)<\/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<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">5,598,049<\/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\">7.2%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.3%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.7%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.3%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">4.7%<\/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\">$14.85<\/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<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.26<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 10px;text-align: left\" width=\"233\">\u2193 Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 10px\" width=\"151\">6,713,709<\/td>\n<td style=\"width: 14%;text-align: center;height: 10px\" width=\"151\">7,786,821<\/td>\n<td style=\"width: 14%;text-align: center;height: 10px\" width=\"151\">6,787,358<\/td>\n<td style=\"width: 14%;text-align: center;height: 10px\" width=\"151\">8,634,108<\/td>\n<td style=\"width: 14%;text-align: center;height: 10px\" width=\"151\">7,060,446<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 25px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 25px\" width=\"151\">355,266,605<\/td>\n<td style=\"width: 14%;text-align: center;height: 25px\" width=\"151\">354,650,713<\/td>\n<td style=\"width: 14%;text-align: center;height: 25px\" width=\"151\">352,343,906<\/td>\n<td style=\"width: 14%;text-align: center;height: 25px\" width=\"151\">350,487,030<\/td>\n<td style=\"width: 14%;text-align: center;height: 25px\" width=\"151\">249,231,583<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6501-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6501-1-1-0\" 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-708a38a4b005-6501\"\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-6501-1-1-1\" 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-6501\"\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-6501-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6501-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6501-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6501-2-1-0\" 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-f8de89738f31-6501\"\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-Q1-Pacific-Northwest-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-6501-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-6501-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>After a fairly rough end to 2023 Q1 continues to present problems for the general market recovery that was anticipated to begin in 2024. We have continued to see the contraction of companies that grew during Covid as well as deliveries of new construction. Combined, the overall vacancy rates climbed nearly 3% year over year. There is a silver lining in that we continue to see rents increase overall with some increased concessions, but general&#8230;<\/p>\n","protected":false},"author":183,"featured_media":6511,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1137,1108],"class_list":["post-6501","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>Q1 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\/03\/25\/q1-2024-industrial-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2024 Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"After a fairly rough end to 2023 Q1 continues to present problems for the general market recovery that was anticipated to begin in 2024. We have continued to see the contraction of companies that grew during Covid as well as deliveries of new construction. Combined, the overall vacancy rates climbed nearly 3% year over year. 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