{"id":6686,"date":"2024-10-07T10:07:01","date_gmt":"2024-10-07T17:07:01","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6686"},"modified":"2026-07-07T13:22:50","modified_gmt":"2026-07-07T20:22:50","slug":"q3-2024-expanded-puget-sound-industrial-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/10\/07\/q3-2024-expanded-puget-sound-industrial-market-report\/","title":{"rendered":"Q3 2024 Expanded Puget Sound Industrial Market Report"},"content":{"rendered":"
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\n\t\t\t\n\t\t\t\"warehouse\"\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div>
\n\t\t\t\t\t\t\t

\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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\n\t

The I-5 Corridor industrial market, spanning Whatcom to Clark counties, is experiencing a period of adjustment. Vacancy rates have risen to 7%, up from the five-year average of 4.3%. Leasing activity has slowed, with net absorption showing a negative figure of over 2 million square feet. Despite this, construction remains active, with over 12 million square feet under development, although the volume of new construction starts is decreasing. High land costs, stabilized rental rates, and rising construction expenses are limiting new project pipelines. This trend may continue, particularly affecting developers and land sellers.<\/p>\n<\/div>\n<\/div><\/div><\/div>

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\n\t\t\t\n\t\t\t\"Q3\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div>
\n\t\t\t\t\t\t\t

\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\"\"\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div>
\n
\n\t\t\t\n\t\t\t\"Vacancy\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div>
\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\tMSA Market<\/strong>\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div>
\n
\n\t\n\n\n\n\n\n\n\n
\u25b2<\/td>\n(7,359,466) SF<\/strong>
\n12 Month Net Absorption<\/td>\n<\/tr>\n
\u25b2<\/td>\n6.44%<\/strong>
\nVacancy Rate<\/td>\n<\/tr>\n
\u25b2<\/td>\n7,490,567 SF<\/strong>
\nUnder Construction<\/td>\n<\/tr>\n
\u25b2<\/td>\n383,827,820 SF<\/strong>
\nInventory SF<\/td>\n<\/tr>\n
\u25b2<\/td>\n$16.73 PSF<\/strong>
\nAverage Market Rent \/ SF<\/td>\n<\/tr>\n
\u25bc<\/td>\n$417,622,882<\/strong>
\n12 Month Sales Volume<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div>
\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\tI-5 Corridor<\/strong>\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div>
\n
\n\t\n\n\n\n\n\n\n\n
\u25b2<\/td>\n(2,728,155) SF<\/strong>
\n12 Month Net Absorption<\/td>\n<\/tr>\n
\u25b2<\/td>\n7.00%<\/strong>
\nVacancy Rate<\/td>\n<\/tr>\n
\u25b2<\/td>\n12,135,033 SF<\/strong>
\nUnder Construction<\/td>\n<\/tr>\n
\u25b2<\/td>\n419,671,639 SF<\/strong>
\nInventory SF<\/td>\n<\/tr>\n
\u25b2<\/td>\n$12.37 PSF<\/strong>
\nAverage Market Rent \/ SF<\/td>\n<\/tr>\n
\u25b2<\/td>\n$1,200,000,000<\/strong>
\n12 Month Sales Volume<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div>
<\/div>
\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":"

The I-5 Corridor industrial market, spanning Whatcom to Clark counties, is experiencing a period of adjustment. Vacancy rates have risen to 7%, up from the five-year average of 4.3%. Leasing activity has slowed, with net absorption showing a negative figure of over 2 million square feet. Despite this, construction remains active, with over 12 million square feet under development, although the volume of new construction starts is decreasing. High land costs, stabilized rental rates, and…<\/p>\n","protected":false},"author":39,"featured_media":6704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1137],"class_list":["post-6686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-market-report"],"yoast_head":"\nQ3 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\/10\/07\/q3-2024-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=\"Q3 2024 Expanded Puget Sound Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"The I-5 Corridor industrial market, spanning Whatcom to Clark counties, is experiencing a period of adjustment. Vacancy rates have risen to 7%, up from the five-year average of 4.3%. Leasing activity has slowed, with net absorption showing a negative figure of over 2 million square feet. Despite this, construction remains active, with over 12 million square feet under development, although the volume of new construction starts is decreasing. 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