{"id":7127,"date":"2025-04-16T16:22:32","date_gmt":"2025-04-16T23:22:32","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7127"},"modified":"2026-07-07T13:22:13","modified_gmt":"2026-07-07T20:22:13","slug":"q1-2025-expanded-puget-sound-industrial-market-report-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/16\/q1-2025-expanded-puget-sound-industrial-market-report-2\/","title":{"rendered":"Q1 2025 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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The Pacific Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the first quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no significant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with uncertainty in economic conditions, highlighting some hesitation with how 2025 will unfold. We continue to signal cautious optimism as the market adapts to shifting economic conditions \u2013 perhaps highlighted through the drop 0.40% drop in the Cap Rate average compared to the Q4 2024.<\/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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\u25b2<\/td>\n(1,240,282) SF<\/strong>
\nNet Absorption<\/td>\n<\/tr>\n
\u25b2<\/td>\n7.10%<\/strong>
\nVacancy Rate<\/td>\n<\/tr>\n
\u25bc<\/td>\n6,985,767 SF<\/strong>
\nUnder Construction
\n(Details on Page 9 of Report)<\/td>\n<\/tr>\n
\u25b2<\/td>\n424,547,828 SF<\/strong>
\nInventory SF<\/td>\n<\/tr>\n
\u25b2<\/td>\n$12.28 PSF<\/strong>
\nAverage Market Rent \/ SF<\/td>\n<\/tr>\n
\u25b2<\/td>\n$462,351,362<\/strong>
\nSales Volume<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div>
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<\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

The Pacific Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the first quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no significant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with uncertainty in economic…<\/p>\n","protected":false},"author":244,"featured_media":7140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1137],"class_list":["post-7127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-market-report"],"yoast_head":"\nQ1 2025 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\/2025\/04\/16\/q1-2025-expanded-puget-sound-industrial-market-report-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2025 Expanded Puget Sound Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"The Pacific Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the first quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no significant change at $14.30 per square foot. 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